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Common financial mistakes made during divorce

May 2, 2022 | Divorce

Financial Mistakes During Divorce

With all the aspects people must consider during divorce, sometimes, financial matters can be neglected. Whether in West Virginia or elsewhere, those who choose to divorce face a lot of major life changes, and these invariably affect one’s finances. Here are some common mistakes people make with regard to finances during divorce and how to avoid them. 

Common mistakes 

Most people want to rush through a divorce and get it done as quicky as possible. While it’s understandable, doing so can have a detrimental impact on a divorcee’s financial status. Instead of rushing, a person should take the time to carefully evaluate all assets for the purposes of obtaining a fair share of marital property. Assets can include items such as the marital home, cars, retirement accounts and more. 

Another mistake people sometimes make is assuming their case will go to court and wanting to get the process done as soon as possible. However, many states require divorcing couples attend mediation to help them work through issues and come to favorable agreements. Mediation can be a highly effective way for spouses to work together to come to terms regarding property division, child custody and all other aspects of divorce. Otherwise, a court will make the final decision, which may not be in line with a divorcing spouse’s wishes. 

Seeking counsel 

This is certainly not an exhaustive list of the mistakes people can make during divorce. Every family is different and so too are their needs. To help mitigate any potential issues throughout the process, a divorcing spouse in West Virginia will want to work closely with an experienced family law attorney from the onset to help him or her obtain the best outcome possible.