“Separation or divorce is a stressful and upsetting time. It can also have a big effect on your finances. Because you never know what can happen, it’s vital to protect your money and assets from the potential ravages of divorce. If you suspect that your divorce will be a knock-down, drag-out fight or if you’re certain that your divorce won’t go smoothly, prepare to take the following steps prior to the start of your divorce.”
Breaking up is always hard to do. But just because your life has been upended by a divorce or separation, it doesn’t mean your finances have to suffer, too.
That’s exactly what can happen, however, if you make any number of wrong moves when you’re unwinding a relationship.
Here are seven financial mistakes you must avoid once you decide to end a marriage:
1. Thinking that a mediator will protect your financial interests.
Many of us think that all divorces inevitably devolve into epic, drawn-out battles over money and property, complete with bitter screaming matches, chronic stress, and “I’ll get you!” style threats, kind of like The War of the Roses, the 1989 film that starred Michael Douglas and Kathleen Turner.