Avoid these costly financial errors during your divorce

| Jul 13, 2018 | divorce | 0 comments

As you begin to work through the process of getting divorced, you will encounter many important decisions to be made. For example, choices will need to be made about where to live, how you will arrange custody of your children and whether or not you or your ex will be required to pay alimony. At the Law Office of Stephen W. Penn California and Associates, we understand how complicated divorce can be and have been able to help many California couples to work their way through separation. 

One of the biggest aspects of your life that will be affected by your decision to get a divorce from your spouse is the state of your financial security and future. If you fail to make changes immediately, you could end up experiencing financial strain and the stress of being left with nothing. According to Readers Digest, there are some common mistakes that you should be aware of so you can avoid making them. Here are some of them:

  • Overspending: While you may be used to specific spending habits, chances are the amount of money you have coming in is going to begin to dwindle exponentially. As a result, you should immediately create a budget for yourself and commit to following it. 
  • Dishonesty: When you are faced with an uncertain financial future, it may be tempting to put a little money aside or to collect assets that you know will not be as easy to access once the divorce is finalized. However, this kind of dishonesty can damage your reputation and hurt your leverage. 
  • Denial: Coming to terms with the end of your relationship can be difficult. While it may not be easy to accept your current situation, it is imperative that you advocate for your personal needs. Regularly monitor the process of your divorce and be aware of what is happening so you can make decisions that will benefit you in the long run. 

When you remember these suggestions as your divorce proceeds, you can better protect your finances and avoid missteps that could leave you scrambling for financial assistance. For more information about divorce, visit our web page.