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What financial mistakes should I avoid in my divorce?

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You may be so over your spouse and divorce situation that you are ready to agree to anything just to finalize it sooner. Although this may seem like it is a good strategy, it is not. If you rush the process, you do not have the time you need to look things over and negotiate so that your spouse does not receive more than his or her fair share of the marital assets. 

High-asset divorces can take longer to resolve and cause your divorce expenses to soar. Here are some common mistakes you should avoid to keep your divorce from bleeding you dry. 

Leading with your emotions 

The end of a relationship is not always so easy to get over right away. Whether your relationship with your spouse was over months ago or mere weeks before you filed for divorce, it is normal for some emotions to remain. If you let your emotions get the best of you, you may not be able to handle your situation properly, and your spouse may try to take advantage of you. He or she may play on your feelings and sympathies to get you to sign agreements that go against your best interests. 

Singling out assets 

It is important for you to assess your financial situation to get an entirely accurate picture of your finances. If you scrutinize your assets individually, you could end up missing the big picture and overlooking some vital considerations that could alter your post-divorce income in a big way. Any decisions you make regarding your finances and assets during your divorce will affect your post-divorce tax situation. Make sure you understand how each decision you make affects your circumstances before you agree to anything. 

If you do not rush the process and keep control of your emotions so you can think with a clear head, you can keep your divorce from becoming a financial disaster. If you are having trouble negotiating the division of marital assets with your soon-to-be ex-spouse, you should speak to an attorney for guidance.

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