Divorce can be expensive, but do you know what's more expensive? Divorcing badly. There are so many financial mistakes that spouses make when bringing their marriages to a close that several books could be written on the topic. Fortunately, that's why we have financial advisers, accountants and lawyers to guide us through our divorce proceedings. These professionals will help steer you on the right track to prevent a costly financial mistake.
There's plenty you can do to prevent financial catastrophe during your divorce process too. Here are three of them:
- Make sure both you and your spouse are financially settled until the end of your marriage: Some spouses -- especially those in control of the money supply -- will try to cut off the other spouse until an official court order requires them to pay. This is a bad idea and it will only end in the money spouse losing credibility in court.
- Beware of bad advice from friends and family: Maybe your friend or cousin has been divorced 10 times, but he or she will never have had a relationship exactly like yours. Every divorce is different and needs to be handled in its own special way. Don't take advice from your friends unless they are your attorneys and have an actual attorney-client relationship with you.
- Keep your privacy secure: Your divorce details are private and talking about them with others could hurt you during your case. Close down your social media accounts, only trust your most trusted people and keep your privacy secure.
With the right kind of legal and financial planning, your divorce doesn't have to financially ruin you. Make sure you understand Pennsylvania marital property law, and it will help you proceed cautiously and financially responsibly with your divorce proceedings.
Source: USA Today, "Getting a divorce? Here are 20 tips for maintaining financial sanity," Josh Smith, May 30, 2018