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Mistakes that are often made during a divorce

On Behalf of | Jun 11, 2015 | Divorce

Virginia couples going through a divorce should know that their financial well-being may be at stake because of a few mistakes that are often made during the process. Many of these are caused by emotions getting in the way of logic, leading couples to errors ranging from trusting each other too much where assets are concerned to making verbal agreements without putting them into writing. The first mistake comes from a lack of understanding about the household finances, what the marital assets consist of and where they are located. Property division can sometimes be as simple as performing a calculation, but in cases where one spouse knows where more of the assets are than the other, the property might be divided in a way that strongly favors that spouse.

Not having a strong financial adviser and legal representation is the second mistake divorcing spouses often make. For most divorces, one financial adviser is enough to protect the interests of everyone involved. However, because of conflict of interest consideration, each spouse should have separate legal representation.

Another mistake is the tendency to agree to verbal promises without committing them to writing. There is often a desire to get things over with as quickly as possible, but an oral agreement may be extremely difficult to enforce down the road if one of the parties reneges on an issue that was not made a part of the divorce decree.

The end of a marriage can often be an emotional time for the parties involved, and many who are facing one avoid thinking about the future financial ramifications. An attorney with experience in family law matters might provide assistance to a spouse going through a divorce in negotiating a settlement that will cover these types of considerations.