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Common financial mistakes made in a divorce

When going through a particularly stressful time, we can lose perspective on reality, and we may allow our tumultuous emotions to influence our behavior. This reaction to a drastic event such as a divorce is understandable, but it might not work in our favor.

Even though you are probably experiencing anger, fear, heartbreak and resentment, the best thing that you can do is to take a step back. Certain actions could have a negative impact on you financially, and it is important that you are aware of them.

Don't automatically pursue a contested divorce

The fact that you are getting divorced suggests that your relationship is not going well. But this does not mean that you cannot be civil for the sake of your mutual financial gain. Going through a contested divorce is not only emotionally straining, but also very expensive. If you and your spouse decide to work together with the assistance of divorce mediation in Stamford, it's likely that you will both gain a more favorable outcome.

Don't forget to be organized

In stressful situations, a common human response is for us to bury our heads in the sand and do everything we can to ignore our problems. This type of behavior can be very tempting in the midst of divorce proceedings. However, organization is vital when facing a divorce. Even though it can be difficult, you will need to have all financial documents on hand, and have a good understanding of the amounts paid for major assets. If you do not take responsibility for managing this information, the financial result of the divorce may suffer.

Don't blindly trust your divorcing spouse

Behaviors and motives change when divorce is on the table. You should not blindly trust your divorcing spouse to act with integrity. You should take reasonable precautions to protect yourself by closing joint bank accounts and removing them as an authorized user of your credit cards.

Going through a divorce is never easy, but by focusing on the end result, you will be able to craft a viable road map. Managing the financial outcomes of divorce tends to be one of the most contentious issues, and it is important to invest time in this.

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  • Hi Yuliana and Attorney Prince, Thank you so much for taking time out of your busy day to meet with me. I really appreciated how compassionate you were while listening to my situation, even through my tears. Thank you so much for sharing such valuable information with me. I left feeling very hopeful that when the dust settles, I’ll be ok.
  • Wendy helped guide us through a very difficult and emotional process and was really able to provide an even and fair account for both parties. It's quite evident in her expertise in this area but the way she was able to make you feel safe and secure in a very insecure time goes far beyond her legal prowess. If the two parties are really willing to cooperate and collaborate, she's there to help gain the best possible solution for all involved, especially if there are children.
  • Regardless of how committed one is to the fact that divorce may be imminent and necessary, it is truly one of the most emotional and stressful situations one can experience. It can also be daunting. Wendy has a remarkable ability to cut through the noise and help you focus on the big picture while drilling down on what is most pertinent to your particular situation., they are a formidable team who work collectively with your best interests in mind.
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