Common Client Mistakes
Divorce is a major, life-changing event. Therefore, it can be easy to get caught up in emotions and not make the best decisions. From agreeing to a less-than-ideal property settlement, to overlooking the tax implications of your separation, rushing through the process can easily cost you tens of thousands of dollars in the long run.
At Divorce Financial Solutions, our CDFA® Veralynn Morris has over 30 years of experience helping people navigate their financial futures. She has seen many make mistakes over the course of her career that could have been avoided with a little bit of professional advice and planning. Below are four of the most common mistakes to look out for as you go through the divorce process. We hope these are helpful as you look toward the future.
1. Going to court may not produce the best financial resolution.
Many people believe that if they appear before a judge, they will achieve the best division of marital property settlement option. However, most people are unable to calmly explain to a judge the reasons for divorce, especially in a contentious divorces, let alone settle complex financial matters. Divorce proceedings are far from that simple. Many times, financial mediation out of court with a trained CDFA® leads to a more equitable and financially beneficial settlement. Therefore, it’s important to consult a lawyer to represent and advise you about the legal aspects of your divorce. If you do not have a lawyer, Divorce Financial Solutions can provide referrals to lawyers in your area.
2. Do not get discouraged
Divorce can be extremely expensive and time-consuming. As it drags on and you continue to worry and stress, it can be easy to become discouraged. You may even be tempted to give up altogether or make hasty decisions in an effort to get it over with. In these moments, remember that divorce is a struggle and a process. Some days are especially hard. However, there will always be bad days and one bad day does not mean that all is lost. You are not alone and your advocacy team of lawyers and other professionals are here to help. Review your action plan and focus on how far you have come.
3. Make sure to check in with your mental health.
The divorce process often takes a toll on your emotional stability. Negotiating with a former spouse is complicated enough before you add in discussions about custody and alimony. These discussions can be especially draining if you are not on good terms with your former partner. Therefore, it is important to take note of your emotional state before you initiate the process. By being aware of your emotions and needs, you will be better prepared to navigate your divorce without feeling weak, confused, or afraid. If you are plagued by these emotions, seek support from friends, family, or a therapist to help you sort through your emotions and provide moral support. However, remember to rely on an attorney to provide legal advice and representation, and a CDFA® to assist you in the navigation your divorce finances.
4. Have clear objectives.
The best way to get what you want is by knowing what you want. Divorcing couples often neglect thinking through what they want to accomplish from litigation. When you know what you want to accomplish, you will feel less lost and confused. Make sure to consult with an attorney and your CDFA® about your objectives. Additionally, make sure to revisit your objectives throughout your case to make sure you are on track to reach your goals. If you need a lawyer, we can provide you with referrals in your area.