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Financial mistakes to avoid in Sarasota, FL divorces

On Behalf of | Mar 1, 2021 | divorce

Making the difficult decision to file for divorce has far a far-reaching impact on every aspect of your life. Not only are there mental and emotional effects, but your Sarasota, Florida divorce can also wreak havoc on your finances. Knowing some common mistakes to avoid when going through your divorce can help ensure that you start the next chapter of your life on solid financial ground.

Getting emotionally attached to assets

It’s not uncommon to try to hold onto reminders of happier times when you’re going through a divorce. Expensive assets such as a house can become a source of comfort and familiarity during uncertain times. However, homes are expensive to keep and maintain which means that it can be better for your financial future to not get the house in your divorce settlement.

Not insuring alimony payments

Being granted alimony in a final divorce decree can provide a great source of stability. However, if your ex becomes disabled or passes away, you need to have a plan in place. You should set up an insurance policy that protects you in the event that your alimony payments stop unexpectedly.

Failure to negotiate

When trying to keep a divorce amicable, it’s not uncommon for people to agree to the first settlement offer that their ex’s attorney makes. However, jumping on the first offer you receive in the name of “keeping things friendly” can leave you holding the short straw when the final divorce decree is handed down. Don’t be afraid to stand up for yourself in divorce negotiations and fight for what you are rightfully owed.

One of the most important things you can do when navigating a divorce is to employ the services of an attorney. This lawyer can help you negotiate with your former spouse to ensure that you are in a position to prosper financially as you transition into the next phase of your life as a single person.