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A few tips to help you through the divorce process

Divorce is a complex legal process with a lot of matters that need to be tended to. On top of this fact, the outcome of the divorce can have massive ramifications for the splitting spouses – not just in the short-term, but in the long-term as well. Given both of these factors, it is not surprising that there are many potential pitfalls that could cost spouses during the divorce process. Avoiding these mistakes are essential to any divorcing person's future.

Here are a few of the important mistakes to avoid during the divorce process:

  • Failing to consider assets. Some assets are just overlooked during the divorce process, such as 401(k) accounts and high-value family heirlooms and assets. To prevent this, you should fully investigate your family’s financial picture assure that you know the full picture when it comes to assets.
  • Being vengeful. This is a crucial one. If you are purposely trying to be difficult during the divorce process, or if you take action to harm your soon-to-be-ex, it could come back to bite you during the divorce. Additionally, it will likely just make your divorce take longer.
  • Your home. Initially, you may think that any divorcing person should fight to keep the house. However, as contradictory as it may seem, sometimes you do not want to fight for your home. The tax implications of keeping the home after a divorce (and having only one income to deal with it) can be immense.

Source: Wall Street Journal, "Divorce and Money: Six Costly Mistakes," Veronica Dagher, May 15, 2015

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