If you are going through a divorce, avoid making these fundamental divorce mistakes which many divorcing couples make. Avoiding these divorce mistakes will help you to save money and spare you from the immense stress that you can go through in a divorce.
Divorce Mistake 1 – Rushing to Court
Probably the worst divorce mistake commonly made. People who go through a divorce, without being committed to negotiating their settlement are throwing away thousands of pounds. The worst thing is they don’t even realise it. Most people come to the negotiation table with litigation at the forefront of their minds. As soon as they do not like what they hear, they play the court trump card. It seems to be a default position that they revert to, every time the going gets remotely tough. It is a divorce mistake that most lawyers are hoping you will make. Let’s face it if you negotiate an out of court settlement, they won’t get their share of your money.
Divorce Mistake 2 – Hiding assets
Many people try to hide assets that they do not want their spouse to have a share in. A common but costly divorce mistake. Hiding assets doesn’t just include the non-disclosure of an asset to deprive a spouse in the divorce settlement. It also includes being dishonest about its true value. If you are in danger of making this critical divorce mistake, think again. Just remember, you are taking a big gamble. It means that your settlement agreement is open to challenge in the future, even if the court has rubber stamped it. If your spouse finds out, they may have the right to take you back to court based on your non-disclosure.
Divorce Mistake 3 – Not getting a legally binding court order
This is another common divorce mistake. We see this one often and the devastating effect it can have. Many of our clients have relied on the word of their spouse when reaching a financial settlement in their divorce. For many reasons, they fail to get a court order, to make their agreement legally binding. The trouble is when a person’s finances change, or a future partner comes onto the scene, they can renege on their verbal agreement. It is not that your ex-spouse cannot be trusted, however circumstances and attitudes can change. Getting a consent order is a simple way to close this door. If you skip this step, it is a grave divorce mistake. A mistake that is costly and stressful to put right. Read more about consent orders here.
Divorce Mistakes 4 – DIY Divorcing without understanding your options
There are so many services offering cheap DIY divorces. A divorce does not leave any part of your life untouched. This includes your family life, personal life, your finances, your children, your work/business and your health. Can you really afford to make the DIY divorce mistake? Don’t make decisions based on how little you can pay. Get to know what options are available to you and make an informed decision. After all, this is the most important decision of your life.
Divorce Mistakes 5 – Not getting an appropriate divorce expert
Many clients want a bulldog lawyer to fight for the lion’s share of the divorce settlement. This might be okay if you have spare cash to burn. Not many lawyers will discourage you from going to court. The more acrimonious the divorce, the more money they make. Think about it, your lawyer may get you more, but this means they will charge you more. We have seen many clients, of modest means, who have racked up bills in excess of £50,000. They have spent obscene amounts on solicitor’s fees, only to get awarded a similar amount to what they were initially offered. But now they have to give most of it away to their lawyer. Work with a suitable divorce lawyer to achieve the best outcome. However, the best outcome does not necessarily mean the most money for yourself. At Divorce Negotiator we help you to preserve your assets, reach fair settlements and avoid the stress of going to court. The best thing is, it does not cost the earth.
Divorce Mistakes 6 – Lack of Financial Planning
Financial planning encompasses many things from preparing a schedule of your income and expenses, working out what assets belong to the family and how much you need to survive post-divorce. Many clients say they want a certain percentage of the house/savings/pension. It is very rare that any of them have done any form of financial planning. There is no logic as to why they want that percentage or what it means for them in the future. Most of the time they do not even know what the percentage equates to in real value terms. All they care about is that they have more than their spouse. Do not let this divorce mistake cost you your financial future. Plan carefully.
How you run your divorce, is your choice. You have worked hard for your money and it is you who will deal with the stress of an acrimonious divorce.
We can help you both to work through your options and avoid common divorce mistakes.