WSJ: Five Common Financial Mistakes People Make When Getting Divorced
You Spend Too Big - Some couples ignore the risks of costly outlays just before their marriage finally fails. Luxury vacations big-ticket gifts, home purchases, and new joint debts during a looming breakup can become expensive burdens that complicate dividing marital assets during divorce.
You Don’t Consider Hidden Assets - Some spouses hide assets in advance of seeking a divorce and submitting mandatory financial disclosures, so they can win an advantage in settlement. One common tactic involves giving funds to friends or relatives. . . It’s even harder to find hidden assets if couples keep part of all of their finances separate. (See Johnson Law’s Instagram video on the biggest predictor of divorce - hidden/separate finances.)
You Let emotions prolong the process - and the cost - Shorten the process by regulating your motions with assistance from your “support army” of personal connections. And don’t ask your lawyer for emotional support. Treating your divorce lawyer like your therapist won’t feel good “when you get a five-figure bill later because you spent two hours sobbing in their office - again,” Maggie Kim says.
Read the entire article here: https://www.wsj.com/finance/investing/divorce-finances-common-mistakes-713d2fb3?mod=Searchresults_pos3&page=1