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Divorce Finances and Big Mistakes

In many cases of divorce, when both people emerge from the process, they feel as though they've been through an emotional and financial wringer. Often the results appear only after a stretch of time. Here are five resolution pitfalls to consider.

THE MONEY PIT (aka FORMER MARITAL RESIDENCE)

Moving is hard.  Divorce is hard, and tough on the kids; we hesitate to inflict change on children who may already be upset from the split. Even when there aren't childrearing considerations, some are seriously attached to their house and have likely invested a lot of time and money on maintaining and improving it over the years.

A home where the house payment was easily made, where it is easily kept and maintenance expenses are routinely manageable can become an intolerable burden when one of the incomes and partners moves away as part of the process.

FAILURE TO TAKE THE LONG VIEW

Divorcing people frequently focus on immediate issues and gains rather than considering the long-term effects of their financial decisions. Too many are so eager to end the marriage that they don't even want to think about the future ramifications of what they decide today.

Financial decisions made during periods of emotional upheaval are always accompanied by hidden minuses which eventually become apparent.

Always consider the long-term ramifications, and think through every "what if" scenario.

FAILING TO CONSIDER THE ACTUAL COST OF THE PROPOSED ACTION

Always factor in the cost of eventually selling or disposing of an asset that's part of a marital settlement.

VENGEANCE

Too many divorcing couples seem to embark on a course of revenge at any cost. These are people who are unable to speak civilly to each other, much less discuss differences and mediate issues.Ofttimes they actively work to undermine each other with their relationships wiht children, stall and engage in other bad behavior.

Perpetuation of the previous marital conflict will ratchet up attorneys' fees. 

For litigants who are willing to be reasonable, following the practical advice of the attorney will help to keep that cost down. 

TUNNEL VISION

Dividing a marital estate is often a large puzzle with a large number of pieces. People commonly fail to view the entire picture.

Much like when you decided to divorce in the first place, look at your resolution as a whole. All of the parts need to work together to help you thrive in the near-term as well as in your future.

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