Before entering your divorce case proceedings, you and your soon-to-be former spouse may agree that you will not let money get the best of you. However, we have witnessed a sharp turn of events enough times to know that your financial disputes may grow greater and greater in seriousness. Before you let this get out of control, please read on to discover the financial mistakes you should avoid at all costs and how a seasoned Bergen County divorce attorney at McNerney & McAuliffe can help you navigate through these complex money matters.
What financial mistakes should I avoid making during my divorce?
Any piece of advice we can give you for how to handle financial negotiations in your divorce case stems from one lesson: do not let your emotions drive and distort your decision-making capabilities. For example, you may be understandably upset when your spouse served you with a divorce petition. However, you should not fight to take the personal possessions with which they hold great sentimental value as a way to “get back at them,” so to speak. But this especially should not be done if you know your new financial situation post-divorce will not allow you to afford to pay them off or pay for their maintenance and upkeep.
On the flip side of this, your being heartbroken over this split may make you want to get these divorce proceedings over with as quickly as possible. Although, this does not mean that you should quickly settle for a financial arrangement that is severely unfair to you. Also, it may be worth investing your money in extensive court fees and attorney’s fees now, so that you may receive alimony, child support, and property distribution orders that keep you financially secure in the long term.
What financial miscalculations should I avoid post-divorce?
Again, our overarching message to you is that you must not let pride get in the way, even post-divorce. That is, say that you thought you were able to handle certain, significant marital assets being given to you. But you may have miscalculated exactly how much it was going to cost to live independently and support yourself and your children with a single income. At the same time, you may have failed to consider the tax implications associated with these marital assets.
With this, it may be worth petitioning for a post-judgment modification so that you may receive greater alimony and child support payments to offset your unprecedented cost of living. Or, you may even want to surrender certain marital assets back to your former spouse. At the very least, they may remain in your family and your children may continue to benefit from and enjoy them.
If you need legal representation urgently, please do not miss another opportunity to schedule an initial consultation with a competent Bergen County family law attorney from McNerney & McAuliffe. Contact our firm today.
