Last updated on April 8, 2021
Divorce is never pleasant. Most couples just want to get on with their lives as quickly as possible, but rushing through the process is not a good idea.
If you are facing the end of your marriage, be careful how you approach divorce, especially when it comes to property division. When there are significant assets to consider, take your time. Here are five common mistakes to avoid.
Shouldering guilt
If you are experiencing bouts of guilt because the divorce was your idea, you might feel tempted to give up too much. You might waive your right to alimony, for example, or give some of your separate assets to your spouse. Giving your soon-to-be ex more than you should will probably not assuage your guilt, and the results could leave you feeling bitter.
Being too agreeable
Whether you have totally fallen out of love with your spouse or fallen head over heels in love with someone else, you may want to get out of your marriage at any cost. Agreeing to a lopsided division of assets is a bad idea. Always keep your financial future in mind.
Failing to investigate
Even if you have been married for decades and think you know your spouse, consider that hidden assets are a contentious part of more divorces than you think. Do not accept what your spouse tells you. Invest the money necessary to investigate and make sure he or she has brought all the marital assets to the table.
Ignoring the tax picture
You may think the subject of taxes is boring, but when you divorce, you may pay taxes on everything from the alimony you receive to the assets you win in the settlement. During your marriage, someone else may have dealt with the tax picture, but that is about to become clearer when you are out on your own.
Going it alone
Property division in a high-asset divorce is usually very complex. Reach out for legal support and advice. Remember that it is unwise to hurry just to get an ill-fated marriage behind you. Avoiding mistakes will help you enter a new phase in your life happier, more confident and better prepared financially.
