When negotiating a divorce settlement, it isn’t uncommon for people to fight for everything they believe they are entitled to – property, financial assets, support payments. Too often, however, people let their emotions cloud their judgement; they fail to consider the ramifications of their settlement and overlook issues that could negatively impact their future financial well-being.
It might be nice to keep the family home after your divorce, but can you afford the mortgage payments, the tax bill, the upkeep? What about those joint loans or credit lines you and your spouse have? Unless you have assurance that your ex will live up to his or her obligations after the divorce, you could find creditors coming after you for the full payment of those obligations.
Some financial issues that require attention during the course of your divorce negotiations are obvious; others can easily be overlooked. Read “Financial Mistakes to Avoid when Getting Divorced” to identify common issues that should be addressed before your divorce is final in order to avoid financial consequences later.