Handling money during and after divorce comes with many challenges. For some couples, money was one of the main sources of tension in their marriage. Let’s discuss some financial mistakes you should avoid making during your divorce.
1. Not Saving Up For Your Divorce
For some people, this isn’t possible, like if you were blindsided by your spouse asking for a divorce. However, if you have been actively considering separating or getting divorced, you should also be saving up money. Starting a divorce fund as early as possible will help alleviate some of the financial stress of your divorce.
2. Hiding Assets
We understand that you may be concerned about what you could lose during the asset division portion of your divorce. However, hiding assets can lead to serious trouble. You may be held in contempt of court, charged with a crime, and/or fined for failing to disclose all of your assets.
3. Accepting a Settlement Too Quickly
It’s understandable that you want your divorce over and done with as quickly as possible. However, this may push you to accept the first settlement offers that are likely less than what you deserve or what you could receive. Always consult with your attorney before accepting any final offers to ensure everything is fair and you are set up for success.
4. Not Making Modifications
This is a mistake that can occur years after your divorce. Know that you have the ability to request modifications when needed in regards to child support, child custody, and spousal support. If you are not getting what you need or your ex does not comply with court orders, you can and should take legal action.
Divorce Representation in Salt Lake City, Utah
You can trust our team at Lokken & Putnam, P.C. to be a strong advocate for you and a source of guidance throughout your divorce. If you are in need of a divorce attorney in the Salt Lake City area, give us a call at (801) 829-9783. We want to help you close that chapter of your life and move on with the best foot forward.