Divorce and Finances: Three Mistakes to Avoid

In any South Florida case, divorce and finances are intimately entwined.  It can be difficult for parties to objectively view their financial outlook given the potential disparity of their marital lifestyle with their post-divorce lifestyle.  Many parties make significant mistakes during their divorce and finances are often at the center of the controversy.  Some common mistakes and how to avoid them include:

Not Being Informed

It is not uncommon for one of the spouses to take primary control over the finances.  This often means that the other party is left in the dark.  He or she may have no idea of the incomes, assets or liabilities that the couple has, jointly and separately.  It is exponentially more difficult to acquire financial documentation after a divorce is filed and the spouse is no longer in the marital residence.  To prevent this mistake from popping up, both spouses should be intimately familiar with their financial situation well before any threat of divorce.

Fighting Over Everything

Something about the divorce process tends to bring about a contentious spirit between the spouses.  They may fight over spousal support, child support, who gets the family home and how other property is distributed.  However, sometimes logical solutions are available that the parties should agree on, if for no other reason than to save on the expensive legal bills such arguments entail.

Not Using Mediation

Mediation is a process designed to help parties reach a solution on their own terms.  Especially when led by a finance guru, the parties can often walk away with a better settlement and reduced legal expenses.  Deborah has over 30 years of experience in the finance industry and can blend this knowledge and expertise with her mediation training in order to bring about a sensible resolution of the case.