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5 financial divorce mistakes to avoid

As you begin to learn more about the divorce process, it's important to try to avoid financial mistakes that have plagued others before you. With this knowledge, you can avoid going down the same path, which may save you both time and money.

Here are five financial divorce mistakes that you need to avoid:

1. Focusing too much on the family home. Even if this is important to you, don't lose sight of the impact it could have on your life. For example, taking on the family home could lead to a situation in which you can't keep up with mortgage payments on your own.

2. Focusing only on short-term issues. It's common to do whatever you can to put your divorce in the past, even it if means compromising when you shouldn't. Unfortunately, this could result in a negative long-term impact on your finances (and that's not something you need).

3. Neglecting to understand how your finances will change after divorce. Your financial situation is sure to change after your divorce, so you need to know exactly what you're getting into. For instance, you may be going back to work for the first time in a few years, so prepare yourself for the way this will alter your finances and personal life.

4. Paying attention to only one piece of the puzzle. Don't focus all your time and energy on a single asset, as this could result in losing sight of other things that are just as important.

5. Ignoring alimony and child support. These things may not come into play with your divorce, but you need to at least learn more. For example, if you have physical custody of your children, your ex-spouse may have to pay child support moving forward.

Avoiding these five financial divorce mistakes is easier said than done, but you should be able to do so if you collect the right knowledge and have a clear understanding of your legal rights.

There are sure to be challenges along the way, but as long as you continue to push forward, a little bit at a time, your marriage will eventually be in the past and you can work on getting your life back together.

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