Most Common Financial Mistakes Made During Divorce

Dec 30, 2021

Most Common Financial Mistakes Made During Divorce

Did you know that over the past 5 years there has been about 750,000 + divorces per year? That breaks down to an average of about 2,000 a day or 85 per HOUR. 


Divorce
isn’t new, and it happens every single day. If you find yourself in a situation where separation happens, and you are filing for divorce you should be prepared and understand everything that is about to happen. 


Divorces are not alway amicable and even when they are there are a lot of pieces to the puzzle when separating. 


When you are aware of the process and understand what to do, you not only give yourself a realistic idea of what is about to happen, you can also save money and save yourself from financial ruin.


Here at Kilgo Law, we want you to be prepared. In our last article we discussed “
3 questions to ask a divorce attorney in Alabama,” to bring insight and education into what you need to do when deciding to get a divorce. 


For this article, we’ve curated a few of the most common financial mistakes made during divorce. 


Emotional Financial Decisions


At times, when people get divorced there are a lot of emotions and choices are made as a result of anger and hurt. This can cause people to make irrational decisions that end up hurting them in the end. Irrational financial decisions during separation can be, buying a new car, going on a spending spree, draining the funds in your joint account and more. 


Even though you may want to “blow it all” and spend you
r money, this is not the wise decision. It will end up costing you in the long run. 


Instead of spending, ensure that all your expenses and incomes are in line and that you have access to a separate bank account while your joint account is paused during the proceedings. 


Not Knowing Your Own Financial Information


Once you get married people tend to just put all their income into one joint account and let expenses come out from there. It can be easy to forget what expenses will occur when you are on your own. 


When it is decided that separation is happening, go through YOUR expenses and incomes. Here are a few things to account for when it comes to expenses:


  • Phone bill
  • Rent (if moving out)
  • Car payment
  • Insurances
  • Health and Car
  • Daily living expenses
  • Gas
  • Food
  • Emergency savings 
  • Lawyer fees


If you have children you will need to factor in the cost of daycare/babysitting, health insurances, and other factors. 


There are other items that may come up as expenses but ensure that you can take care of the necessities FIRST. Gym memberships and other unnecessary expenses should be put on pause until you have a solid budget set and are able to handle these expenses. 


It’s important to
budget and not get yourself into debt, especially if you know that your divorce is going to be more difficult and complex. 


Choosing the Wrong Attorney


We spoke about this in the last article, but it is crucial to choose an experienced and knowledgeable attorney who specializes in divorce. 


If you go with an attorney that someone recommended because they helped them with their car accident, it could cost you big time. 


All attorneys are different and there are different industries a lawyer can specialize in. You want to choose a divorce attorney because they understand how the process works and know the laws. 


They know how to best help you in your indivisible situation and can get you the best outcome for you and your family during the divorce. 


If you choose an attorney that isn’t aware of everything you
 might gain or lose during the process, you can be spending more money and going through an even longer divorce if you have to change attorneys part way through. 


Ask the right questions and hire one that is going to be there to support, advocate and educate you on best practices during the divorce. 


Avoid These Financial Mistakes Made During Divorce - Choose Kilgo Law


If you are in need of a divorce attorney in the Cullman, Alabama area, connect with us today. Don’t make these common financial mistakes made during divorce. 


We are experienced attorneys who specialize in divorce and offer
same day consultations. To learn more about Kilgo Law and how we can help you navigate the divorce process, browse our website and schedule your consultation. 


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Law enforcement officers cannot search your person, home, or car without your permission unless they have a warrant. Have them produce this warrant so you can review it. However, officers may pat you down to check for weapons. They are permitted to do so for their safety. If the officers ask to search, say that you do not consent. They may conduct this search anyway, depending on the circumstances of the encounter. This verbal statement that you do not consent to the search may become important if authorities file charges against you. When officers enter the home, they may not search without your permission or a search warrant. If they arrest you at home or work, they have the right to search the immediate area or anywhere they can see criminal activity. Pay attention to what they do throughout this search to confirm they conduct it properly and don’t overstep their bounds. Every person has a right to a criminal defense attorney in Cullman, AL . 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When the vehicle is stopped, remain in the car, turn on the interior light, and put your hands where the officer may see them. Ask passengers in the vehicle to show their hands as well. Provide any documents requested by the officer during this traffic stop. They may ask to see your driver’s license, registration, and proof of insurance. Before collecting these documents, let the officer know where they are located. Reaching into a glove box or under the seat may appear to be a threatening move to the officer. Letting them know that is where the documents are and that you aren’t reaching for a weapon can help to reduce tension. Never run from a police officer. Also, do not touch the officers, as any touch could be construed as threatening in a volatile situation. If officers arrest you, go willingly. Don’t resist or become combative. Doing so could make a bad situation worse. Common Misconceptions People often believe they must consent to a search or take a breathalyzer test. They feel they are required to answer questions when asked by law enforcement. A person doesn’t have to say or do anything when stopped by the police. Failing to answer questions or consent to a search may result in a trip to the police station. Let this happen and contact an attorney with your one phone call. While the trip to the station is an inconvenience, it will probably be a short-lived one once your attorney arrives. They will work to get the matter resolved and have you released quickly. Protecting the Rights of Others You may find yourself in a situation where law enforcement is handling a matter involving another individual and you are merely a bystander. Help each other out by observing this interaction and recording it if possible. Try to capture officers’ badges and patrol car numbers with the video to show who was involved beyond what can be seen in the video. Also, ask witnesses to state their names and contact information on the video. 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