4 Financial Mistakes to Avoid During a Divorce in 2024

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Many people have made the mistake of falling in love too quickly and sealing the deal. Some have gotten married too early or have had a falling out with their partner, and that happens quite often. Keep in mind, this kind of occurrence is pretty normal because getting into a disagreement with your lifelong partner is bound to happen. Sometimes though disagreements can be solved and sometimes they cannot. No matter what you try to do, you simply cannot bring the love and the connection in your relationship back. Once you realize that there is no going back, it is time to file for a divorce.

However, getting a divorce is no simple matter. Many people enter this process without realizing just how serious and complicated is. This is especially true if the other partner does not agree to a dissolution of the marriage. Disagreement on this subject usually leads to the need for a lawyer and sometimes these cases can end up in court.

During this time, the chances of losing a lot of money are quite high. It is essential to be very careful with your expenses and how you’re going to approach this entire process. To help you with this, I’m going to tell you about all of the financial mistakes you will need to avoid during the divorce.

1. Not hiring a lawyer

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When it comes to these kinds of situations, people, and make one very big mistake and that is not hiring an attorney. At first, spending so much money on a lawyer does not seem reasonable and it will ultimately lead to saving some money in the bank. And, yes, it does make sense when you put it like that, but those people quickly forget about all of the other possible expenses during the divorce process.

You have to account for expenses on documentation, missing out on work, spending extra on groceries for yourself, and maybe even the expenses of going to court. When you sum up all of these things I mentioned, this could lead to thousands of dollars lost.

This is why it is very important to avoid making this kind of mistake. Calculate your budget and hire a lawyer as quickly as possible. Of course, you do not have to get an attorney that has the highest possible fees, but you also shouldn’t get the cheapest one.

If you want to know more about how a lawyer might be able to keep you financially stable during this situation, you could check the attorneys on Qredible and see what they have to offer. Some may even offer free information and consultation.

2. Forget to calculate expenses

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Another very common mistake that many people make during a divorce is forgetting to calculate monthly expenses such as utility bills, groceries, etc. You’re probably wondering why this is a problem. Well, the answer is quite simple. In the past, couples with an average salary do not exactly worry about spending cash on the most basic groceries because once you combine those two salaries, you get a lot of money. These types of people can afford not to bother their finance.

But once that couple is split, their salaries are no longer combined and their budget is basically halved. To put it simply, living life on, let’s say, $8000 a month is now transitioned to $4000. Sure, $4000 is a lot of money in it is more than enough for the most basic things such as bills and groceries. However, the problem is that the change from an $8000 lifestyle to a $4000 lifestyle is too drastic.

This is why I am advising you to be careful about where you’re spending your money to calculate your expenses.

3. Failed to ensure their job position

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It is very important to understand the fact that your life will be completely changed once you are finally divorced. You will probably be living in a different house or apartment, you won’t be sharing your expenses with anyone else. Living by yourself may seem scary at first, but you probably have already done that which means you can do it again.

However, if you truly want to be independent in the future, you have to ensure that your job position will stay stable and secure. I believe this is important to mention because many people make the mistake of ignoring their responsibilities during the divorce period. Getting to work late because of a court meeting, ignoring calls because of stress, etc.

Even if you simply cannot be present that you work because you need to be present at court, you should at least tell your boss or your manager about your current situation. I am sure that most of them will understand that you are having a difficult time and may even allow you to take some days off when you need them.

They cannot fire you because you are legally required to be present with your partner in court.

4. Fight for your rights

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This may be one of the most important things you have to remember when filing for a divorce. The process will be difficult, it will be stressful and at times you will want to end this entire situation as quickly as possible. You will probably want to settle for anything just to make sure that this ends.

I know it might seem like a good move in those difficult times, but it is very important to stay true to your original idea and keep at it. You will need to fight for your rights and ensure that you get what you are owed. Aim to split the property and the assets 50-50 and go for nothing less. You deserve as much as your partner deserves.

My last advice to you would be to just stay strong, listen to your lawyer and I am sure that you will be able to push through this difficult process. Make sure you keep these financial mistakes in your mind and I’m sure you won’t make the wrong decisions.