Maryland residents going through divorce have a lot on their minds. However, it’s important to avoid making mistakes when seeking a divorce settlement.
Refusing alternative options
Alternative divorce options like mediation and arbitration can make the process easier. It can also help you save money. Refusing to try these options is a mistake. A traditional court divorce is not only lengthy, but it’s also expensive.
Trying to rush through your divorce
While it’s always preferable to have a fast divorce, you don’t want to rush it too much. Doing that can work against you when you’re looking for a fair settlement. Your share of the assets and property division might end up being less than what you deserve if you’re overly eager to get things over with faster. It’s worth the extra time to get your fair share.
Dealing with too much unfair debt
If your spouse was notorious for wracking up sizable debt throughout your marriage, you might end up being partially responsible for it. Unfortunately, too many people sit back and accept being told that they are stuck with half of their spouse’s debt in a divorce. However, if you’ve always been good with money, being stuck with too much of your spouse’s debt can harm your credit and even your future ability to secure a loan and new credit.
Not having a financial plan
After your divorce, you will have to deal with your own finances even if you’re the one to receive alimony from your former spouse. If you don’t have a financial plan ahead of time, you might feel lost and find out you’re spending beyond your means or that you have to downsize. Speaking with a financial adviser during the divorce can help you get an idea of your new budget.
Going into your divorce with eyes wide open can help you be more financially sensible.