When people are going through a divorce, emotions are running so high that it is not uncommon for people to make emotional as opposed to rational decisions. The divorce will be over soon, but your financial stability and well being will be something that you need to count on long after the divorce papers are signed. Don't make foolish mistakes that can leave you in financial ruin.
Here are some top financial mistakes that people make and that you should watch for:
1.Hiring the most expensive lawyer
Just because a lawyer charges massive fees does not mean that they have a winning strategy or one that is right for you. Thinking that you have the best lawyer simply because they are the most expensive or even a celebrity one, may end up doing nothing more than burning through your savings and still leave you with the short end of the stick when it comes to settlement time.
Do your research wisely before hiring an attorney – speak to a few and ask them probing questions about their strategy, past results and what they envision as the outcome for your particular case.
2. Assuming that a mediator will get you the best financial outcome
If you decide to take the mediation route, remember that this could be a bad move financially, because the main goal is a settlement that is as quick and equitable as possible. They are not looking out for your financial interests and that is not their area of expertise. It is the role of an experienced divorce attorney to negotiate the best possible financial settlement for their client.
3.Not separating common finances
Once you decide to take the steps towards a divorce it is essential that you separate your finances as quickly as humanly possible. Remember that with joint accounts and credit cards, each of you will be completely financially accountable for any debts that get incurred.
The last thing that you need is to be stuck with a massive credit card bill from a resentful ex spouse that is seeking out revenge. Take care of this issue immediately and close all joint accounts.
If you are ready to begin divorce proceedings with a highly experienced New York Divorce Attorney that has seen it all, knows all the rules, things to watch for and can guide you every step of the way to get the best possible outcome, call the Law Offices of Brian D Perskin.