Located in Charlotte, North Carolina

6 Money Mistakes to Avoid

6 Financial Tips During a Divorce

Getting a divorce comes with a lot of ups and downs. Disagreements over finances can add friction to a sensitive situation.

You can find balance and combat financial hardship during a divorce with these tips.

1. Avoid Splurging

Maybe you’re in the mood to take your mind off of your divorce and want to treat yourself with a little retail therapy. Before you go on a shopping spree, keep in mind that when you’re getting a divorce, your spending habits can come up in court and end up costing you in the end. It’ll be worth the wait.

2. Keep a Record of Your Finances

Don’t throw away your bank statements, bills, or any record you may have of large purchases you made during your marriage. Although you may want to part with old documents, we suggest you take the safe route and maintain a record in case a purchase you made comes up as a subject under property division.

3. Remove Your Name from the Mortgage

This is a big one. If your name is on the mortgage, be sure to communicate with your spouse about removing your name from the mortgage. Otherwise, you stand the risk of your credit score taking a hit if they keep the home and fall behind on payments.

4. Fully Disclose Your Assets

The last thing you want to do is try to hide your assets from the court during a divorce. Hiding assets, debts, income, or other expenses can result in your spouse being awarded them.

5. Rushing Your Divorce

Rushing your divorce can result in you missing the opportunity for your attorney to negotiate several things during the process, including:

  • Assets

  • Benefits

  • Health insurance

  • Childcare expenses

  • Spousal support

Rely on your attorney to use their knowledge of the divorce process and negotiate on your behalf in the appropriate amount of time.

6. Rely on an Attorney

There are many aspects to getting a divorce, and you can put a strain on your finances. Allow Rech Law, P.C. to work your case to your advantage and help you ease the financial burdens of getting a divorce.

Call our Charlotte divorce attorneys today at (704) 659-0007 to schedule a consultation about your divorce.

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