Financial mistakes to avoid in a divorce

For couples in Colorado going through a divorce, the emotionally painful process can also become financially painful if they do not take the right steps. It is easy for one partner to lose assets to which he or she is entitled.

Divorce mistakes

In a divorce, the assets are not necessarily divided 50-50, but they should be divided fairly. However, the partners have a lot of ways they can manipulate the process to try to get the best share, and there are also mistakes that can lead to a worse share. For example, rushing through the process can lead to missing out. It’s usually better to be thorough and find every asset rather than skip any steps. Many couples also neglect to try mediation. Mediation is legally binding, but it is a faster and less expensive way to get a divorce that still covers all the bases in a lower-stakes environment.

Each party in a divorce should get all of the assets involved evaluated by a professional. That way, they can ensure they have objective information about what everything is worth. Likewise, parties often do not think about the possibility that their partner has hidden or undeclared assets. That’s a mistake that can lead to significant losses. It’s also important not to lose track of two of the more complex kinds of financial assets: marital debt and retirement accounts. These play a big role in financial settlements and the details can be highly complex.

Nobody wants to be involved in a divorce, but it is easy to miss out on a lot of money by being insufficiently close to the details.