The decisions you make when navigating your divorce have far-reaching implications, and this is particularly true when it comes to your money. Many people in your shoes make similar financial mistakes during a divorce, so recognizing what these common money mistakes are should help you avoid falling prey to them.
Avoid making these common money mistakes while your divorce is ongoing.
Fighting for the wrong assets
You do not want to waste time and money arguing over assets that may not prove that important to you. To some degree, your age should give you an idea of what assets may hold the most value. If you are close to retiring, for example, you may need to concentrate your energies on retirement accounts and savings. If you are still quite a way from retiring and need access to money immediately, you may want to move in a different direction.
Keeping an expensive home
You may not want to say goodbye to your house due to emotional attachment or roots in the area, among other reasons. However, you may hurt yourself in the long run by hanging on to it if it is not affordable without your one-time partner. You may also run into problems when it comes to taking out a new mortgage in only your name, depending on circumstances.
Your lifestyle and cost of living may well change once you complete your divorce. However, by making smart money moves and avoiding common pitfalls while your divorce is ongoing, you may be able to position yourself well for future financial success.