Getting a divorce can take an emotional and physical toll on a person, but it can also take a financial toll. Often, the biggest financial hardship is placed on the woman, especially if she has been dependent on her husband for income and support. Even women who work outside the home find that they can be taken advantage of in a divorce, but there are ways to mitigate the damage. That starts with understanding the top financial mistakes that women make during a divorce, so those mistakes can be avoided.
1). Not having a clear understanding of the finances
For women who aren’t really sure how much money their husband makes or what kind of savings or investments they have as a couple, it can be easy to lose out in a divorce. Don’t take that risk. Keep up with financial changes and with all of the accounts you have jointly and separately. That can reduce the risk that your spouse will try to move or hide money before the divorce, denying you legal access to it.
2). Giving in because of emotional exhaustion
Emotions can definitely run high during a divorce, and some proceedings can continue for months before a final decree is reached. Women who get completely exhausted from the process may just give in, so they can be done with it. That’s understandable emotionally, but it’s generally a bad move financially. Instead of giving in, find ways to de-stress and keep going until a fair and just agreement is reached.
3). Deciding not to use an attorney
Among the most serious financial mistakes a woman can make during divorce is not using an attorney to help them through the process. Even if the divorce seems very amicable at first, things can quickly change. Without proper representation, you will be completely unprepared when your spouse decides to get an attorney and take the majority of the money and possessions. You can prevent that from happening by getting an attorney right from the start.
If you’re going through a divorce, reaching out to a skilled attorney who is familiar with divorce proceedings can help you receive everything you’re entitled to when your marriage ends. Rather than risk financial problems by trying to settle the matter on your own, contact Schepisi & McLaughlin, P.A. to get the help you need for a fair and just divorce settlement.