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Financial errors to avoid when facing a divorce

On Behalf of | Aug 22, 2021 | Divorce |

Most individuals in Mississippi and elsewhere may understand that going through the end of a marriage can be difficult enough as is. However, any errors made during the process may only act to add stress to an already challenging situation, as financial mistakes could wreak havoc on one’s future. Understanding some possible financial mistakes to avoid during a divorce could prove integral to helping a person create a strategy to protect his or her future while preparing to enter a new chapter in life. 

Experts indicate that part of preparing to stave off financial mistakes could involve seeking insight on some of the areas in which errors may commonly occur, some of which may include: 

  • Valuation of assets:  While performing a valuation of marital assets may be essential, it could also be vital to understand the true value of each asset by addressing topics such as liquidity, sell values, costs of upkeep and tax rates. 
  • The family home:  Prior to making decisions about how to handle the family home, knowing some of the financial topics to consider regarding this asset could also be vital to protecting one’s financial interests. 
  • Retirement accounts:  Retirement accounts may also play a vital role in negotiations and taking time to understand topics such as early withdrawal fees and documents required for division of similar assets could also be helpful to making informed choices. 

While taking care to avoid financial errors could prove imperative, it can also be somewhat challenging, especially during a potentially stressful and emotional life circumstance. 

Individuals who are facing a divorce and wish to protect their financial futures but remain uncertain of how best to achieve such a goal could benefit from consulting with a family law attorney early in the process. An attorney can work with a client in covering every essential topic of divorce and provide insight on avoiding potentially costly financial mistakes. Such advice could help a person in Mississippi better prepare to make decisions based on what is best for his or her future and to seek the most favorable outcome achievable during subsequent legal proceedings.