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What divorce mistakes can have financial consequences?

On Behalf of | May 23, 2024 | Divorce, High-Asset Divorce, Property Division

Divorce can be straightforward in theory, but most cases involve circumstances that can impact your and your former spouse’s finances. You may feel compelled to take the easy route to get through the divorce as quickly as possible. Unfortunately, rashness can result in mistakes and pitfalls that may be impossible to undo, leading to financial repercussions.

Every aspect of your divorce can significantly impact your life and future, including high-asset division or various support arrangements. When sorting through these crucial details, you can tread carefully by avoiding the following:

  • Hurrying to end the divorce — When faced with never-ending divorce concerns, you may want to resolve everything immediately. However, some matters may require additional time and effort to settle. In these instances, rushing can be detrimental.
  • Overlooking other dispute resolution options — Going to court could be extremely expensive, so some prefer to settle issues in mediation or arbitration. Sometimes, litigating is the most appropriate option based on the case details, but these alternatives can have certain financial benefits if applicable.
  • Failing to verify asset valuations — Even if you have a vague idea of a property’s value, verifying it through an appraisal could be helpful. Doing so may reveal whether its actual value is less or more than anticipated, reinforcing fairness during property division.

Additionally, other concerns can be relevant, depending on the situation and the conflicts that arise throughout the process.

Addressing issues caused by complex assets

It is reasonable to feel overwhelmed or confused when facing divorce issues involving complex and significant assets. Fortunately, you can address these matters by seeking legal guidance. It might not guarantee a favorable outcome, but it can help you better understand every scenario so you can make informed decisions every step of the way.