My law firm believes in being upfront about the costs associated with a divorce, and the financial pitfalls you may encounter. Read on to find out the 3 financial mistakes you should avoid in a divorce.
1. Not Seeking Mediation
According to Divorce-Explained.Com the average cost of a divorce in New York is $17,100, and $15,600 in New Jersey. This can increase to as much as $200,000 if the case is complicated, goes to trial, involves custody disputes, and/or requires specialist services, especially in New York. Uncontested divorces that don’t go to trial or use mediation to resolve issues, negotiate a settlement and handle custodial agreements are significantly cheaper.
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2. Not Knowing Your Finances
Prior to filing for divorce, you must thoroughly understand your financial situation. You must know the debts, assets, and income of the marriage in order to negotiate a fair settlement.
3. Allowing Emotions to Influence your Decision to Sell or Keep the Marital Home.
The decision to keep or sell the marital home should be strictly an economic decision. Calculate the actual cost of staying in the home. These costs include the monthly mortgage payment, insurance, property taxes, utilities, lawn and pool services, routine maintenance, and repairs.
Only keep the marital home if you are able to comfortably afford it.