Financial issues can plague some divorcing parties. The longer a couple is married, the more entangled their money issues will become. The below common problems all have solutions. Read below and consider how to deal with financial issues in a better way.
You don't make a new budget
Divorce is a time of major changes. Don't wait to redo your budget because what you discover could influence your divorce agreement. Some parties make the mistake of only vaguely recognizing that the same financial plan that worked (or didn't work) before won't work now. You'll probably have new obligations, such as child support or health insurance to consider.
You fail to realize that marital assets vary in value
Marital assets are usually split up between both spouses. If you bought something after the date of the marriage, it's probably a marital asset. However, not all marital assets are equal and the value of some might not be that obvious. Take real estate, for example. A rental home, mountain chalet, or beach cottage may be of little interest to you. You may view that asset negatively now. However, this type of asset is worth more than its appraised price. It could be a valuable source of income for years to come.
You let your emotions about a house carry to into an agreement that costs more than you estimated
Before you decide you want that family home, be sure to know the real cost of homeownership. If you have children and physical custody of them, it's often better to keep them in a familiar neighborhood and home. However, don't make a decision without budgeting for property taxes, maintenance, repairs, insurance, association dues, and other costs.
You refuse to consider spousal support
Contrary to popular belief, spousal support or alimony is still part of many divorces. If you have been out of the workforce for some time and need job training to get employment, you may need rehabilitative spousal support. If you are an older spouse or suffer from medical conditions, you may deserve permanent spousal support. If your spouse can afford to pay support and you need it, speak to your divorce lawyer about seeking it.
You are aware that your spouse has credit cards but are not sure which ones are joint accounts
Most spouses are not ready to pay for their spouse's spending once they separate. Ask your divorce lawyer about an order to prevent your spouse from using the card until after the divorce.
Speak to a divorce lawyer to find out more.