3 Ways To Avoid Money Mistakes in a Divorce

Time/Money online (July 13, 2016)

Don’t lose sight of the big picture.

Divorce is complicated — emotionally, legally and financially. Many of the decisions you make during the process, especially financial decisions, can affect you for decades. And a simple mistake can hurt your ability to save for retirement, buy a new home or car, or move on with your life.

Focus on these three tips to help prevent common financial mistakes during divorce:

1. Keep the big picture in mind

It’s easy to forget that divorce is ultimately a business transaction, so you have to keep the big picture in mind. Prioritize the issues most important to you, and let go of the smaller battles.

Even in a simple divorce, you might have to pay attorneys, financial experts, therapists and other professionals. A highly contested divorce can be even more costly. Many expenses come from needlessly fighting over smaller concerns, which are inconsequential to you in the end.