Divorce is not something any couple wants to go through, but in some cases, it is inevitable. If you find yourself facing the end of your marriage, it is important that you prepare for what will happen in the coming weeks. The legal process is not something that you may have experience with, which can make it confusing and intimidating.
Not knowing what to expect could be detrimental. NerdWallet explains that when you are not ready for what comes along in a divorce, you could make serious mistakes that will have lasting effects. Knowing common divorce mistakes can help you to avoid them and have a smoother divorce. Here is a look at three of the top errors that occur during divorces and have negative impacts on a couple:
- Not working together
Not every divorce requires fighting it out in court. In fact, it can make things much easier for you if you try to avoid litigation. Using an alternative dispute resolution option can help to avoid fighting and arguments that make the divorce more contentious than it needs to be. Plus, litigation costs more than ADR, so you can save money by avoiding the courtroom battle.
- Forgetting about debt
The court will divide debt like it divides your assets. If you have a credit account that your spouse can use, it is a good idea to close it or remove his or her access. This will help to prevent additional spending that you could end up having to pay for after the divorce.
- Not thinking about taxes
While you may focus on trying to get the most favorable settlement when it comes to dividing your marital assets, you need to keep tax consequences in mind. This is especially important when you divide retirement assets. Forgetting to consider the cost of taxes can leave you with less of a settlement than you thought.