Whether you have been married for five years or twenty, divorce is never easy. However, the longer your marriage, the more time you had to acquire marital property, which then leads to a more complicated divorce in many cases.
It is inevitable that you and your future ex-wife will have to divide marital property such as the house, the cars, the furniture and even your retirement and investment accounts.
One of the key things you can do if divorce is looming on the horizon, is to prepare yourself emotionally and financially for the split. Being prepared for the divorce will help you avoid some common mistakes that other individuals make. Read further for some tips on what not to do in a divorce in Louisville.
Not doing your research
You may be reading up on what to expect after a divorce, what to look for in an attorney, and what to expect in the courtroom. While this will be helpful, there is also some other research you should be doing. You should be gathering all the information you possibly can concerning your finances. Make a list of all of you accounts and their balances or values. This includes your investment portfolio, pension plans and retirement accounts. Also, make a list of all outstanding debt accumulated during your marriage. Not knowing the full scope of your financial situation can cost you dearly in a divorce.
Letting your emotions call the shots
When you are sitting across the table from your wife, you might experience the temptation to let your emotions get the better of you and agree to a settlement that leaves you in a financial bind. For many people, is difficult to make rational decisions during a divorce. Your attorney will help you prepare for the settlement process so that you can make decisions based on logic and reasonable financial needs.
Not maintaining a separate account
Long before you begin the divorce process, you should have your own bank account and at least one credit card solely in your name. Even though you rely on your wife to manage the household finances, you should have something separate set up as a "just-in-case" account. This will be especially useful if you suspect she may have already begun preparing for her impending single life or if you are worried she might go on a few unexpected spending sprees with your joint finances.
If you are considering divorce, there some things you should certainly avoid. Making missteps in the beginning of the process can cost you a substantial amount by the time you sign that divorce decree.