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Mistakes are easier to make in divorce than you might think

On Behalf of | Sep 11, 2021 | Divorce

It is not unusual for individuals in Florida and elsewhere to want to end their marriage in hopes of starting fresh. However, if those parties do not consider potential issues that could arise due to their divorce, they may find themselves struggling, at least at first. In particular, there are financial mistakes that could have lasting effects on a person’s monetary situation.

Avoiding mistakes is an important part of any marriage dissolution case, but it is not always easy to know what could result in hardships. In some cases, simply overlooking a preparation step could prove costly later on, such as not knowing how much marital debt there is or not having an inventory of all the assets. As a result, preparing as much as possible, or even more than one thinks is necessary, could be more beneficial.

Some other mistakes that many divorcing individuals could fall victim to include the following:

  • Trying to keep the marital home without realizing the full financial impact
  • Not taking tax implications for various assets into consideration
  • Transferring retirement funds without the proper protections, such as a qualified domestic relations order
  • Failing to have a realistic budget for living on a single income
  • Forgetting to think about future payouts, such as pension funds a spouse may be entitled to

Dealing with every small detail in a divorce may seem tedious, but it is often necessary in order to ensure that Florida residents set themselves up for a stable future. Of course, it is important to keep in mind that individuals do not have to try to remember every minor point themselves. They could enlist the help of financial and legal professionals to help them through their cases.