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Avoid these common money mistakes amid divorce

On Behalf of | May 6, 2021 | Family Law |

The steps you take while navigating your Texas divorce may have far-reaching implications on your financial future, and there are certain financial errors many people navigating divorces often make.

Per Business Insider, you may want to avoid making any of the following money-related mistakes while your divorce is ongoing.

1. Not taking age into account

Your age may play a role when it comes to the types of assets that may prove most valuable to you in a divorce. For example, if you are an older adult, you may feel most concerned with getting your fair share of retirement accounts. If retirement is a long away and you need access to money sooner, you may need to prioritize other assets.

2. Banking on spousal maintenance

There is no guarantee that you are going to get an award for spousal maintenance. Even if you do receive maintenance in your divorce, it may not last forever. Thus, it is wise to set a budget as soon as you start the divorce process. You may also want to have alternative plans in place in case you do not receive a maintenance award.

3.  Fighting for a home outside your means

A house is a big expense, and not everyone has the means to cover all the costs associated with one alone. Avoid fighting for a home if it is not affordable to you without your ex.

By avoiding these common errors and making smart money moves amid divorce, you may be able to help position yourself for financial success in the future.