Financial mistakes women make when going through a divorce
Going through a divorce is no piece of cake and for most it is usually one of the most difficult periods of their lives. However, no matter how difficult, it is better to be prepared to handle the financial challenges that come with a divorce than it is to face them unprepared. Here are a few tips which can help you make sure that you don’t end up in a financial mess after a divorce.
Having Unrealistic Financial Expectations
Many people start off the divorce proceedings assuming they will get everything they want. As such, sometimes demands get overstated and this can lead to an extremely painful, drawn-out divorce process. If you want your divorce proceedings to go as smoothly as possible, one of the keys is to have realistic expectations of the how much you will get as your share from the split.
Refusing To Communicate
Although going through a divorce can be a really messy and emotional process, it is crucial that you keep your emotions in check and focus on the important things. Unless your marriage was abusive, you must never refuse to communicate while the divorce proceedings are ongoing. This is really important especially if you have children together. You should always be willing to communicate in a civil manner with your ex, after all you were married to him at one point. If your ex reaches out to you via a phone call, email or in person, with a need to discuss an issue pertaining to your divorce and marriage or even to find out how the children are doing, respond with common human courtesy. Not doing so portrays immaturity.
Not Dealing With Joint Finances And Accounts
Most couples have joint accounts from which household bills are paid. Once one of you files for a divorce, withdrawals from that account may be legally restricted. So, if you’re about to file for divorce (or you think your husband may be) planning for your immediate financial needs becomes a question of timing. You will probably want to withdraw money from joint accounts and set it aside for your own needs. When, and how much you should withdraw depends on factors such as how much you have contributed over time and whether there’s a court order restricting your access to the funds
Forgetting To Update Estate Documents
If you’ve gone through a divorce, don’t forget to update all financial and legal records. Ensure you remove your partner’s name from important documents, such as: your life insurance policies, joint accounts, credit cards, wills, title deeds to real estate, next of kin details with your employer, and any other financial asset. Failure to do so might mean that your ex will still be entitled to portions of your assets even after you have both parted ways.
Not Maintaining Enough Liquid Reserves
It’s important to keep cash reserves to cover your new living expenses, legal fees, court costs, rent or mortgage payments, insurance premiums, school fees and so on.
Failing To Secure Child Support Payments
Even though child support payments are spelled out in explicit detail as part of divorce settlement agreements, most divorced women and children don’t receive the money they are entitled to. Ensure that your divorce agreements include clauses that make it difficult for your ex to get away easily without making these payments.
Going On The Rebound With The Wrong Guy
Dating after divorce can be an important step towards creating a new future. However, many newly-divorced women jump into relationships too fast, and then end up making poor financial decisions as a result. You should now seek to date a man who can support you emotionally and financially, not a man who will become a financial burden to you. Look after your heart and wallet when choosing a new mate.
Never Pass Up The Opportunity To Forgive
I know this is probably the last thing any woman going through a divorce wants to hear, but it is important that you forgive your ex. An unforgiving heart is the biggest obstacle to moving past divorce and on to a rich and fulfilling life.
Divorces aren’t easy and they’re usually fraught with a lot of emotions. But, once the process is finalized, you can turn the page and start a new future. Keep that future bright by protecting your assets and implementing a sound long-term financial plan.
Working through the financial matters that pertain to divorce is not going to be easy, but stay focused on the important things. Your focus on financial matters at this point in time will create an excellent foundation for your financial security and independence.