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What Are the Most Common Financial Mistakes Made During Divorce?

Posted on in Divorce

Los Gatos post-divorce enforcement lawyerThere is no way around the fact that a divorce can be an emotionally challenging process. Separating from the person you once loved can be one of the hardest times in your life. It is extremely important to approach your divorce with some level of professionalism. Your divorce settlement can ultimately dictate the future of your family‚Äôs living situation, as well as your financial security. The first and most important step you can take as you prepare for divorce is hiring an attorney who will work cooperatively with you to represent your best interests. In addition, you should be aware of some common mistakes to avoid during the divorce process that could have an impact on your financial security. 

Lack of Preparation

As you prepare to negotiate a divorce settlement, it is crucial to have a comprehensive understanding of your financial situation and be as prepared as possible. If one spouse managed the collective finances, it can be hard to understand what to protect. This means that you and your attorney need to collect documents such as tax returns and mortgage papers to completely understand the nature and extent of the community property assets and debts. 

Another step in the preparation process is to update any financial documents, such as wills, investment beneficiaries, or life insurance accounts. You should also be sure to separate all joint financial accounts. 

Letting Emotions Get the Best of You 

As mentioned above, the divorce process can be emotionally turbulent. As you negotiate a settlement with your spouse, it is important to do your best to keep your emotions at bay. Similarly, it is important to be willing to compromise. Even if you are angry at your ex-spouse, fighting aggressively in an attempt to secure every single shared asset will simply drag out the divorce process. 

Contact a Los Gatos Divorce Lawyer 

As you work to complete the divorce process, the benefits of working with a qualified legal professional cannot be understated. With years of experience operating within the state of California, Attorney Benita Ventresca is confident in her ability to secure a quality financial future for you and your family. Whether your divorce is settled through mediation or litigation, Attorney Ventresca is prepared to do whatever it takes to ensure that you are financially secure moving forward. To schedule a complimentary initial consultation with a knowledgeable Los Gatos, CA property division attorney, call us today at 408-395-8822

Sources:

https://www.forbes.com/sites/davidrae/2018/10/25/divorce-financial-mistakes/#14fbf1b67eda

 

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