Divorce is fraught with emotion and stress. There is just no getting around that fact. When you are stressed, it is easy to avoid difficult financial decisions and considerations. That’s why it is so important to hire experts to walk you through each step along the way. Hiring someone to do the heavy lifting is the best protection you can have against doing something that has long-lasting financial implications.
Here are a number of considerations outlined in a recent CNBC article. We think they are important to share and to think about as you navigate this difficult time.
The article discussing certain financial mistakes to avoid, including:
- Keeping a home you can no longer afford.
- Taking the house in lieu of liquid assets.
- Not considering the tax implications.
- Not getting a court order to get your piece of the 401(k).
- No life insurance on your ex if you’re receiving support.
Each of these requires some context, which the article provides. It is also important for you to walk through each of these considerations with a professional such as a tax advisor and your divorce attorney. Your individual circumstances will dictate the best course of action for moving forward and making some tough decisions. But in the long run, you will be better off if you address the problems head on instead of finding out after anything can be done to remedy them.