When a couple chooses to dissolve their marriage, there is often more focus put on what to do during a divorce than what not to do during a divorce. The dissolution of marriage puts both spouses through a great deal of stress, much of which is caused by the financial decisions that must be made. Financial decisions in divorce proceedings are complex and can lead to numerous divorce mistakes that can have a serious impact on each spouse’s financial security. Here, the family law experts at Conniff Law Offices of Chicago and Oak Park cover 4 financial mistakes to avoid during divorce.
Attempting to Speed Through Proceedings
It’s understandable that some individuals want to get their divorce over and done with as quickly as possible so they can begin the process of healing and moving forward with their life. However, this can end up being one of your biggest divorce mistakes made. You may be tempted to agree to an unsatisfactory divorce settlement in an attempt to rush the process – a decision you’ll likely regret in the near future. Once the divorce is final, it’s very difficult to make changes to the agreement, so it is crucial to take the necessary amount of time to come to a beneficial settlement.
Failure to Take Marital Debts Into Consideration
When considering what to do during a divorce, you’ll surely cover marital assets. But what about marital debts? Marital debts should be regarded with equal importance; if they’re not divided properly, one spouse could be left shouldering most of the marital liabilities leftover from shared credit you had during your marriage.
Failure to Secure Alimony (Spousal Support or Maintenace) and Child Support With Insurance
The spouse who will receive alimony, also known as spousal support or maintenance, and child support payments should consider an insurance policy designed to secure them. If your ex-spouse passes away or becomes disabled, the income you rely on could suddenly stop. This being the case, the payee would do well to request that the payor invests in life insurance and disability policies to protect your right to the payments if an unexpected loss or injury were to occur.
Attempting to Conceal Assets
Divorce is not always amicable. In some cases, one spouse might even go so far as to attempt to conceal their assets. Among the financial mistakes in divorce that could be made, this one can have some of the most serious and lasting consequences. Plain and simple, hiding assets in a divorce is illegal, and eventually, the assets hidden by the spouse will be uncovered. Attempting to conceal assets damages credibility, attracts major penalties, and will give the other spouse a significant advantage in the divorce proceedings.
Avoid Divorce Mistakes: Consult With Conniff Law Offices
Divorce is a stressful, time-consuming, and often emotionally draining experience that can leave an individual susceptible to financial mistakes they might otherwise not have made. Seeking the expert legal advice and representation of a divorce attorney will ensure the decisions made are in your best interest. To begin your divorce preparation, consult with the family law attorneys at Conniff Law Offices of Chicago and Oak Park, contact us online today. We are here to provide guidance and compassion at every step of the divorce process.