One way people get through the pain of their divorce is by sharing the details with their friends. They often discuss how much their divorce cost them. You may be surprised at the variation in figures.
Understanding why someone spent so much can help you avoid the same mistakes.
What mistakes could make my divorce more expensive?
Here are some things not to do if you want to keep your divorce costs down:
- Hide assets: It can seem like a good idea to hide assets so you will not have to split them with your spouse. The problem is your spouse may bring in forensic accountants. When they find you have tried to hide property, the judge may penalize you. They may award your partner a greater share.
- Engage in a long, drawn-out court battle: The longer divorce litigation takes, the more it will cost you. Not only can it drain your finances, but it can damage your emotional wellbeing too. Mediation can help you end your marriage more efficiently.
- Set unrealistic expectations: Consult an attorney early when thinking about divorce. They can help you understand the state’s divorce laws relating to things such as child custody and finances. They can help you set the right divorce goals. Otherwise, you may waste money pursuing something a court will never agree to.
- Fail to understand your finances: If money has never interested you, now is the time to inform yourself. Many people leave all the marital finances to their spouse. When you divorce, you need a basic understanding to prevent your spouse from taking advantage of your innocence.
High-asset divorces are more complex than most. It is easy to spend more than you intend. Be sure to get experienced guidance to avoid your high-asset marriage ending in a high-expense divorce.