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Most Common Financial Mistakes Made During Divorce

Divorce is a complicated legal endeavor that amounts to the dissolution of your marriage. Ultimately, a divorce can seriously affect your finances, and your financial rights can hang in the balance. Protecting your finances throughout the divorce process is paramount, which makes avoiding the most common financial mistakes related to divorce critical, and hiring an experienced Virginia divorce attorney is one of the most important steps you can take toward this end. 

Not Hiring a Divorce Attorney 

One of the most common divorce mistakes – and one of the most expensive – is failing to hire a dedicated divorce attorney from the outset. Many people who are facing divorce are so intimidated by the associated financial burdens that they choose to cut out any costs that they can, and one of these is the cost of legal counsel. 

The truth of the matter is, however, that having an experienced divorce attorney in your corner means that you will have an overall game plan to protect your finances throughout the divorce process, while helping to ensure that you don’t make financial blunders along the way (such as failing to factor tax implications into your financial decisions). All told, your divorce attorney can save you a considerable amount of money in the long run.

Failing to Establish Your Divorce Priorities

While your divorce will be unique to you, the terms you’ll need to negotiate remain the same across the board, including:

  • Child custody arrangements
  • Division of marital property
  • Child support 
  • Alimony

When you take the time to establish those divorce priorities that matter the most to you, you help to ensure that you won’t take a scattershot approach – racking up legal expenses while fighting for concessions that you probably would have been better off using as leverage in the negotiation process. 

Failing to Negotiate in Good Faith

A universal truth of divorce is that emotions tend to run high, which can make negotiating fairly and in good faith less accessible than you might think. If you find yourself arguing for the sake of arguing or going after divorce concessions that are not important to you, it’s time to take a step back and regroup. Divorce is all about making compromises, and if you’re thwarting the process, you’re ratcheting up the cost of your divorce with no clear goal in sight. 

Another important point to make here is that if your divorcing spouse refuses to meet you halfway in the negotiating process and is more interested in making trouble than in making progress, the best course of action may be to limit negotiations and head directly toward court (in an effort to cut your losses). 

An Experienced Virginia Beach Divorce Attorney Can Help

The practiced divorce attorneys at Mahoney Richmond Thurston, PLLC, in Virginia Beach have reserves of experience effectively and efficiently guiding divorce cases like yours toward beneficial resolutions that support their financial rights. We’re here to help you, too, so please don’t wait to contact us for more information today.