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3 money mistakes to avoid when getting a divorce

Whether it is a fierce battle or friendly parting, getting a divorce is always difficult. There are so many personal, legal and financial issues to sort through when you end your marriage. Due to the stress of leaving your spouse, it can be easy to make mistakes or forget about certain tasks.

Money is a major factor in your divorce. The way your negotiations play out may impact your financial stability for years to come. Here are some financial errors to avoid as you divorce. 

1. Inaccurately valuing property

Determining the value of your property for the division process is not always straightforward. While you may be able to come up with numbers for the home or car fairly easily, other assets can be tricky. How do you figure out what stocks or businesses are worth? If you miscalculate anything, you may end up with an unfair result. You should leave valuations of complex property up to someone like a financial planner or accountant.

2. Underestimating expenses

Living on your own can be costly. Your expenses double while your income may dwindle. Do not ignore or underestimate the cost of living during and after your divorce. Make sure you create a monthly budget the includes all your future living expenses. This will help you maintain your lifestyle and stay afloat during your split. 

3. Only focusing on the family home

While the house may be a valuable piece of property, whoever ends up with it is not necessarily better off. Do not waste all your time, money and energy fighting over the house while ignoring other vital assets. Keeping the home may come with high maintenance costs, significant mortgage payments and negative equity. Consider all the pros and cons of keeping each type of property instead of blindly fighting for the house.

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