June 6, 2015
The Fiscal Times – article by Kathryn Tuggle
If you’re going through a divorce, your future financial well-being may be the last thing on your mind. Unfortunately, when emotions get in the way, it’s easier to make mistakes that may cost you for years to come. Here’s a look at three of the worst financial mistakes you can make during a divorce.
1. You don’t know where the assets are or you lack an understanding of the household finances.
Dividing assets can be “simple math,” as alimony and child support are dictated in most states by a formula, says Michael Rosenberg, managing director of wealth management firm Diversified Investment Strategies. “By financial professionals, divorce is viewed purely as an economic divide,” he says. But when one spouse doesn’t have an understanding of the household or business assets, they often don’t know the basis for the concessions they might be called to make, says Derek Gabrielsen, a wealth advisor at financial management firm Strategic Wealth Partners.