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Financial mistakes to avoid during divorce

Marriages end for a myriad of reasons. However, one common thing about divorce is that it is expensive, especially for California residents. Here are some common mistakes to avoid for those who are going through a divorce.

For some, shopping can be somewhat of a cathartic experience and a form of stress relief. However, retail therapy should be avoided during a divorce now that financial situations have changed. Divorce not only means the loss of a spouse, but it can also mean a loss of income. It can be tempting to cash in investments to pay bills, but this should also be avoided. Selling investments can sabotage long-term financial goals, and taxes will be owed if appreciated investments are sold.

In a lot of divorces, it is common for both spouses to seek ownership of the place of residence. Contrary to popular belief, keeping the house can have negative financial implications. While a house may be worth a lot of money, a house can also be very costly to keep and maintain. Before deciding what to do with the marital home, always consider all options.

For those going through a divorce, one of the biggest mistakes is not having a new financial plan. It can be helpful to sit down with a financial planner to draft a strategy to navigate new and complex financial issues that will surely arise. Ending a marriage is an emotional and transitional period, so seeking professional assistance is greatly recommended. Those in California who have questions regarding any aspect of divorce could obtain much-needed guidance by seeking the services of an experienced attorney.

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Law Office of Layla Summers
11755 Wilshire Boulevard
Suite 1250
Los Angeles, CA 90025

Phone: 424-276-0968
Phone: 424-276-0968
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