Each divorce comes with its own set of challenges and complications that makes it unique. For instance, perhaps when your best friend got divorced, she and her ex had a long and drawn-out custody battle. With your upcoming divorce, the main fight might not be over which of you gets custody of the kids, but what to do with your beach-front property in Naples. Even two divorces that seem like they are the same will probably be very different.
Even though divorces vary greatly among individuals, it is still possible to make the same mistakes. Unfortunately, even a minor mistake can cost you big once your divorce is final. Here are a few divorce mistakes that everyone should avoid.
Not planning for the future
In many cases, people do not look far enough into the future when it comes to their divorce settlements. While the proposed divorce settlement might look good at face value, the fact is that things can drastically change in the future. For example, if you and your spouse have agreed to each pay 50 percent of your children’s college tuition, what will happen if one of you becomes unemployed? Make sure you have considered such risks before you agree to a divorce settlement.
Expecting to maintain the same lifestyle
When divorcing, many people think that they will be able to easily maintain the same lifestyle. In most cases, this is not possible. For instance, if you have relied heavily on your husband’s income, you most likely will not have the same access to such funds after your divorce.
Even with what seems like a generous settlement that includes alimony, you might not be able to continue living in the family home with its high mortgage and maintenance costs. In addition, you will probably have to adjust your children’s lifestyle to fall more in line with the new financial situation.
Be realistic about your finances and do not live above your means. Your divorce settlement may need to stretch over several years until you have another source of income to maintain a reasonable lifestyle.
Ignoring the details
Divorce is full of detailed decisions that need to be thoroughly examined before you make a choice. Do not make the mistake of ignoring the details and focusing only on the big picture. Doing so could end up costing you in some unexpected ways. Even though it is exhausting and stressful, you need to be aware of what’s going on with every aspect of your divorce.
If you are planning to divorce it is important to take steps to ensure that you receive a fair settlement that will help you get a fresh start. By avoiding the above mistakes, you will have a better chance of coming through your divorce ready for your new life.