The divorce process can be very difficult, so much so, that many people just want to get it over and done with. The problem is that this rushed approach can end up really financially hurting someone. This is why it’s important to really look at a potential settlement — from all angles — and talk through all decisions with an attorney before anything is set in stone.
At The Siemon Law Firm, we know just how contentious financial issues in divorce can become. In fact, in our experience handling Georgia divorces, second to child custody, property division is one of the most hotly contested issues in a divorce, as both spouses want to make sure they are walking away with what is right and fair.
In this post, we will focus on some of the common pitfalls to divorce. Our hope is that this knowledge can help others to avoid these mistakes.
No. 1: Not thinking about the big picture
It can be tempting to just put the entire divorce behind you and agree to anything. However, failing to look at the entire divorce settlement — or only focusing on a few key issues — can end up really coming back to bite someone later on.
Conversely, some people are more interested in punishing their soon-to-be ex-spouse. While hurt feelings are certainly understandable, making sound financial decisions now will have more of an impact on your life than getting revenge. The advice is to keep your eye on the big picture and the long-term impact of decisions, instead of just focusing on the short-term or hurting an ex.
No. 2: Not looking at the real costs
When it comes to looking at the real costs, a perfect example is whether to keep the family home. While there may be happy memories tied to a home, coupled with not wanting to uproot a child, keep in mind there could also be some real downsides.
For one thing, running a house on one income, as opposed to two, can be quite tricky and some learn the hard way it is just not financially possible. In addition to concerns, keep in mind there could be real financial benefits to selling. When it comes to whether to keep the home, rental properties or other joint investments, look at the big picture and the associated costs both in the short-term and long-term.
No. 3: Attempting to divorce alone
The truth of the matter is that divorce is quite common. However, just because it is common, it does not mean that it’s easy. Too many people mistakenly believe that just because someone they know had a certain type of divorce, that their divorce will be the same way. Nothing could be further from the truth.
To make sure that you are reaching a fair settlement, the advice is always going to be to speak with an attorney. This ensures you have someone on your side, looking out for your best interests.