Divorce is among the most stressful and financially challenging processes that any of us undergo. As such, it’s unsurprising that mistakes are common. But given the stakes, it’s worth doing everything possible to avoid missteps. Let’s consider a few common mistakes, and what we can do to mitigate their consequences – if not avoid them entirely.
Making Decisions Based on Emotion Rather Than Long-Term Goals
Given how emotionally fraught the average divorce can be, it’s easy to make irrational decisions. You might feel a desire to settle a score with a former partner, or to avoid losing face with what you perceive to be a defeat. This might lead to you dragging out the process, or making decisions that cost you more, in order to make the other side pay.
You can avoid this by settling on a few priorities in advance, and making arrangements to suit them. For example, you might accept a slightly lower settlement in order to hurry the process along, and to avoid the expense that comes with time.
Failing to Gather Complete Financial Information
When you settle your divorce, you’ll need to account for all of your assets and liabilities. This includes everything from stocks to pensions to property. If you fail to fully disclose every aspect of your financial life, you could undermine the fairness of an agreement you come to.
In a court, you have a legal duty to provide full and frank disclosure. If a judge believes that you have deliberately misrepresented your assets, then you could be held in contempt of court, at best; at worst, you could be fined or imprisoned. As such, it’s not worth the risk.
Before you come to a settlement, naturally, you’ll need to seek good legal advice. Specialist family law solicitors have seen it all before, and they’ll be able to guide you through the process in a way that minimises stress and expense.
Overlooking Mediation and Other Forms of Dispute Resolution
Of course, not every divorce needs to be settled in court. You might avail yourself of a number of alternative dispute resolution methods. This will allow you to save money, and keep your divorce amicable, in that it will help you avoid the adversarial process that comes with a courtroom. The rise of no-fault divorce makes this even more straightforward. You can appoint an arbitrator to make decisions on your behalf, or a mediator who will help you to come to an agreement that you’re both happy with.
