Top 4 Financial Mistakes Women Make in Divorce

Top 4 Financial Mistakes Women Make in Divorce

When you made those vows 10 or 20 twenty years ago, you probably never believed that your marriage might end in divorce. But the truth is, there are many disputes that may result in a divorce and that is how more than 50% of marriages ends. Even though this is going to be quite a difficult period for you, you have to stay calm in order to make sure that your divorce goes as smoothly as possible. A large number of women do not inform themselves properly and make several mistakes during the divorce. Here are a couple of them you should make sure you do not make.

Not Realizing the Difference between Separate and Marital Property

Something many women do not know realize when they are getting a divorce is that anything both spouses owned prior to the marriage is considered separate property. Also, if any of the two of them has received some inheritance or any other third-party gifts, these are also considered as separate property. On the other hand, everything that spouses have acquired during the marriage as well as any gifts they have given each other are considered marital property, no matter to whom it is titled.

Not Knowing that Not All the Assets Are Worth the Same

When getting divorced, it is important to realize that not all the assets are worth the same. For example if you have $300,000 on a bank account and a property that is worth the same amount of money, these should not be considered the same during the divorce. This is because there are many things such as real estate taxes and property maintenance that have to be taken in consideration as well. Many women are not aware of this, and unless they talk to the professionals they might consider that cash and properties are worth the same.

Believing that 50/50 Split is an Equitable Division

When it comes to divorce, equitable does not always mean equal. Circumstance such as income, future earning capacity and length of marriage all have to be taken into consideration when dividing the marital assets. For example a spouse with a higher academic degree is going to rebound financially much faster and this has to be considered as well when dividing the assets. Because of the things like this, it is important to turn to the professionals when getting divorced. If you are filing for divorce in California, there are some experts that can help you.

Not Securing Alimony and Child Support Payments

When a woman is depending on alimony or child support, it is important to make sure that these are completely secured. One of the biggest mistakes many women make is not obtaining an insurance policy on their ex-husband’s life. In case of the death of a former spouse, all alimony payments will end. That is why it is important for every woman who gets custody over the children to insure that she has enough money to provide for them, by getting a life insurance on her ex-husband.

All of these information can significantly improve the quality of your life after the divorce. Make sure you make no mistakes like this and do all you can to make the divorce goes well.

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