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Family and Criminal Law Blog

Friday, February 15, 2019

Divorce Mistakes That Could Hurt Your Wallet

How might posting on social media cost you in a divorce?


Divorce is an often messy and complicated process.  There are certain actions you could inadvertently take, however, that could turn a routine divorce into a far more complex and costly one.  If you are contemplating divorce, review this list of things not to do compiled by our Midland, Texas divorce lawyer so that you do not accidentally hinder your finances even further.

Avoid Social Media  


In the months leading up to and during your divorce, it may be tempting to vent about your soon-to-be ex on social media.  For many of us, social media offers an outlet and way in which to communicate with our friends and family en masse. As tempting as it may be to take to social media to discuss your divorce, doing so can come with significant negative consequences.  Anything you post on social media could potentially be entered against you in court. Meaning that your post boasting about a luxurious vacation you plan to take after the divorce could come back to haunt you during divorce negotiations.  Oversharing on social media could also enrage your spouse to the point that any hopes of a collaborative divorce are shut down.


Failing to Consider Divorce Mediation or a Collaborative Divorce 


Many couples walk into a divorce assuming that a traditional litigious divorce is the only option.  Failing to recognize the possibility of divorcing collaboratively or through mediation could cost you financially because these options often come with significant cost savings.  Mediation requires that you and your spouse cooperate to reach a financial settlement that both of you can live with.  It may involve a third party mediator and attorneys on both sides to assist in the process.  Those heading towards a divorce should consider the possibility of using mediation or collaboration to save costs on both sides.


Not Gathering All Paperwork Needed 


Use your time before the divorce to start gathering important papers that will assist you in the divorce and in life moving forward as a single individual.  You will want to find documents with all of your financial information, like account numbers and balances.  Keep records of the amounts paid for your major assets, like your home and car.  Maintain all Social Security statements showing future benefits for you and your spouse.  This information could save you money in the long run as it may help you with tax or Social Security matters.

 


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Navarrete & Schwartz, P.C. is located in Midland, Texas and serves the surrounding cities and counties, including: Odessa in Ector County, Andrews County, Martin County, Howard County, Winkler County and Crane County.



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