There is no doubt that going through a divorce is not easy. It is a stressful situation to be in and many times this can distract the couple from making the right choices. However, this is not surprising considering the emotional, financial and practical issues that are part of the divorce proceeding. There are many couples that end up making some common legal-blunders that they could have avoided.
Agree to an early settlement
Many couples are hasty and agree to an early settlement without realizing the financial repercussions this can have. There is no doubt that you want to get out of your bad marriage, but you should not do it so quickly so as to lose your financial security. You should carefully make copies of all important financial documents, such as credit card statements, savings accounts-statements, tax forms, pension statements, mutual fund statements and anything else you may have.
Get deeper into debt
There is no doubt that divorce can be expensive, with you spending large sums of money on lawyer’s fees and setting up a new house. While it will be tough to make ends meet, you need ensure that you have a nest egg in place to settle your legal bills and court costs. Do not depend on your alimony or marital property share to settle your bills. You should be able to manage with the funds you have for legal proceedings.
Forgetting to change your will
If you are getting divorced and your spouse is named the beneficiary, ensure that you change your will and name a different beneficiary. If you die before the divorce is finalized, your spouse will receive all the assets and money as the legal beneficiary. Also, remember getting divorce does not revoke a will automatically so change your will the moment you start divorce proceedings.