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What are some other divorce-related financial traps?

A previous post on this blog talked about a common financial trap that people fall into by exploring another job or career right after a split. This post specifically warned that a person who quits a job for a lower-paying position during a divorce may get stuck with high child support or spousal support bills that she cannot pay.

Quitting the job prematurely is just one of many potential financial mistakes people who have recently been divorced or who are in the midst of a divorce or legal separation may make. There are others about which Rockford, Illinois, residents should be aware.

For example, someone may be tempted to go out and spend on some new and expensive gadgets, toys or even splurge on a new car or boat. Others may take the opportunity to take a vacation. Unfortunately, this will do little to lessen the financial fallout from a divorce.

Moreover, if done prematurely or carelessly, it can also lead to an allegation that the person who went on the shopping spree dissipated marital assets. Another big mistake is to assume that it is always worth it to fight hard for the family home. Indeed, there may be a lot of emotions and memories wrapped up with one's residence, but it may also be a bad deal financially to try to keep the home.

For example, houses cost a lot of money to keep up above and beyond the monthly mortgage. If a person cannot shoulder that financial burden alone, then he could wind up having to give up the house he fought so hard to keep, often by making other significant legal concessions.

The best way to avoid making financial mistakes during a divorce or separation is to approach the process thoughtfully and calmly. Usually, a skilled and experienced Illinois family law attorney can be tremendously helpful in doing so.

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