The end of a Massachusetts marriage takes a toll on your emotional and physical well-being. Inevitably, it also affects your wallet. Before entering into a divorce settlement don’t overlook these common financial mistakes made during divorce proceedings.
Thinking You Can Beat the System
One most common errors divorce attorneys see are spouses thinking that they can somehow pay less than what they’ve already been paying to support their ex. The fact is – if they are the breadwinner, then they’re basically going to end up paying the same, if not a little bit less, than they were paying before. You’re still going to be supporting the lifestyle of your ex and your children – you’re just going to be doing it in one or two monthly checks as opposed to all the different things you pay with credit cards and checks each month. If you don’t accept this outcome, costly mistakes will most certainly arise.
All too often exs try to squirrel away money to avoid having it factor into settlements. This is wrong for a number of reasons. The most obvious? They’re going to get caught. Electronic banking and record keeping means you’d literally have to be doing it systematically in small increments for years. If you don’t, and a big chunk of money is all of a sudden withdrawn from an account? People are going to ask where the hell it went. As you can imagine this doesn’t fare well in the eyes of the court.
Not Sharing Paperwork
No one wants to hand their ex all their financial information; but, it’s the best way to ensure you don’t get dinged for an overlooked account or payment during a divorce settlement. The best practice? Give them absolutely every piece of information. Then, have an informal sit-down meeting where you tell them how your business works, go through the paperwork, and document the meeting. Not only will this engender trust but, it also makes it clear that you were completely upfront about everything.
Underestimating Additional Fees
The key to avoiding unnecessary costs and to divorce is general is behaving like adults. Anything that you can do to solve a problem by being really transparent, by getting the information out, and discussing it in a way that makes sense in terms of custody and in terms of money? That’s the best for both parties. Cutting costs by mediating, discussing, and negotiating is an extremely big part of the process and a sign that you’re doing things right. The more you can solve together, the more you can save.
Should you be in the midst of a divorce or contemplating divorce, contact the Law Offices of Renee Lazar at 978-844-4095 to schedule a FREE one hour no obligation consultation.