Some people who go through divorce suffer financially as a result, but others manage to gain a settlement that gives them more financial freedom and opportunities than ever before. You should never refrain from filing for a divorce just because you are worried that you will not thrive financially as a result — being out of a toxic relationship and feeling happy with your life is the most important thing. However, you should consider what you can do to maximize your chances of a successful outcome.
The following is an overview of some of the most common financial pitfalls of divorce. Make sure that you are aware of these so that you can avoid suffering due to financial hardships in the future.
You don’t put aside cash
If you file for divorce when your spouse is not expecting it, they may react in an unreasonable and hostile way by cutting you off from all shared bank accounts and cards. If you do not have sufficient cash in one of your own bank accounts, this could put you in a difficult situation. Make sure that you prepare by having enough cash at your disposal.
You have not documented your finances
Financial documentation from the duration of your marriage is important in a divorce. Try to get your hands on as much financial documentation as you can before filing for divorce.
You have overlooked assets
Failing to sufficiently gather all marital assets and correctly categorize them can be a major pitfall in divorce. Make sure that your spouse is not hiding assets from you.
You have failed to prepare
In short, you need to prepare before you file for divorce. The more you prepare before the filing, the more of an upper hand you will have.
To ensure that you have the best possible financial outcome after a divorce, make sure that you take early action to start devising your divorce strategy.