There’s nothing easy about getting a divorce. It can cause a lot of turmoil in your family and completely change your life. A divorce can also affect your financial security. That’s why it’s important to get your finances in order as soon as possible and avoid doing anything that may harm your financial health. Below, family lawyers talk about some of the most common financial mistakes you should avoid during your divorce.
Getting Child Support With Insurance
If you secured child support, you might think that you are in good shape. However, you will only be able to collect this support if your ex is able to pay up. If he or she becomes disabled and can’t work anymore, you won’t receive payments anymore. That is why it is important to request that your ex-spouse obtains disability insurance. If he or she happens to get disabled at some point, you know you will still receive payments.
Underestimating Your Expenses
Once you get divorced, you will no longer have another income to rely on. Even if you receive child support, you might not be able to afford the same lifestyle you had before. It is a good idea to go over your expenses and make sure that you can still afford them. You may need to cut out certain expenses in order to make ends meet. For example, you may need to get rid of cable for a while or stop going out dinner as frequently.
Keeping the Family Home
If you get sole custody of your children, you might think that you should stay in the family home. You and your children have lived there for a while and feel most comfortable there. However, if you can’t realistically afford the mortgage, property taxes and other costs that go into owning a home, it may be best to let the house go.
Forgetting About Shared Debt
Any debt that accumulates during your marriage is both spouses’ responsibility. Even if your ex-spouse accumulated the majority of the debt on a credit card, it will still get divided up evenly in the divorce. It is important to make your payments on this debt to avoid damaging your credit.
Failing to Plan for the Future
As mentioned above, you won’t have someone else’s income to rely on once you get a divorce. To keep up with inflation and have the ability to live a comfortable lifestyle, you may have to do some careful planning. For example, if you just worked a part-time job throughout your marriage while your ex-spouse brought in most of the income, you may to consider a career change. Think about going back to school to obtain a degree in lucrative field.
If you plan on getting divorced, you should consult with a reputable family attorney as soon as possible. A dedicated lawyer, like a family attorney Tampa FL trusts, can help you through this difficult process.
Thanks to our friends and contributors from The McKinney Law Group for their insight into family law practice.