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8 Divorce Mistakes That Could Cost You a Fortune
Financial and emotional challenges of divorce are frequently difficult. Making avoidable mistakes may well result in emotional and financial destruction.
Here are mistakes many people going through divorce often make - mistakes that can cost you a fortune.
Mistake #1 Making decisions in the heat of the moment.
Making decisions when are upset or depressed, can and probably will, result in making the wrong decision. Take time to mull over issues before making decisions.
Mistake #2 Getting divorce advice from friends and family.
Undoubtedly you will receive lots of advice from many different people. Some solicited, most unsolicited. Everyone will have a story to tell, or know exactly what you should do to "win". Heeding this advice can be a big mistake. Hear and listen first to the advice of the professionals you have hired. Then and most importantly follow you heart and gut.
Mistake #3 Using your divorce to punish your former spouse.
Not only will this cost you, but will also hurt you and ultimately your children as well.
Mistake #4 Failing to develop a strategic plan.
Approaching divorce in a piecemeal fashion without a clearly defined plan is like running a race without a clue as to where the finish line is. Plan before you act.
Mistake # 5 Fighting over the small stuff.
Decide what is worth fighting over and leave the rest out. Fighting over salt and pepper shakers is not only a colossal waste of time but financially imprudent.
Mistake #6 Making unreasonable demands.
Unless the circumstance of your divorce are so egregious as to send an experienced judge into shock, you have a better chance of hitting the lottery every year for the next 10 years than of being awarded 100% of the marital asset free and clear. Be reasonable.
Mistake # 7 Comparing your situation to others.
Just as no two families are identical no two divorce cases are the same.
Mistake # 8 Failing to obtain security for support payment.
If your former spouse dies, what will you do without the child support payments, or alimony? Get appropriate life insurance to protect these payments.
Connecticut requires a pure "equitable distribution" of the property. This means that all property of the parties is subject to distribution. This includes property that was acquired before the marriage. When dividing property, the court considers the length of the marriage, the cause for the divorce and whether either party is at fault, the age, health, occupation, and employability of each party, the needs of each of the parties, and the contribution of each of the parties in the acquisition, preservation or appreciation value of the property.
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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