Critical Financial Mistakes to Avoid During Your Divorce

At the David W. Martin Law Group, our Spartanburg divorce attorneys see firsthand how dissolving a marriage in South Carolina can take a significant physical, emotional, and financial toll on both parties — even when they know that going their separate ways is what is best for everyone involved.

While divorced spouses often recover physically and emotionally with help from their support systems, the financial mistakes they make along the way can harm them for years to come.

Here are a few ways to protect your financial future before, during, and after a South Carolina divorce.

Never Attempt to Hide Assets Before or During a South Carolina Divorce

Our Spartanburg County family law attorneys know that it may seem like a tempting idea for one spouse to hide assets before they present the fact that they want a divorce, or even during the proceedings, to avoid dividing the marital property equitably with their soon-to-be-ex-spouse.

Here is what everyone should know about hiding assets: It is illegal.

This illegal practice is typically common when one spouse controls the finances, as they may assume the other will never know what is missing.

The second thing everyone should know about hiding assets: You will get caught.

Our skilled Spartanburg divorce attorneys have the resources and capabilities to track assets and financial holdings from trusts and donations to cash and cryptocurrencies, so our client is never left getting less than he or she deserves from their divorce.

Never Fight for the Family Home if You Cannot Afford to Keep It

During a South Carolina divorce, many couples spend an exorbitant amount of time-fighting over the family home, and who “gets it” in the divorce.

The reality is, divorces require both spouses and any minors in the home to live in two separate places going forward, which significantly increases their expenses while their income decreases to a single breadwinner.

When you are getting divorced, it is important to understand the costs associated with maintaining the family home, so you know whether you can afford to stay there.

Start by outlining the costs of keeping the home or another property including the:

  • Mortgage
  • Maintenance Costs
  • Utilities
  • Insurance
  • Taxes

If neither of you can afford to keep the home on your own or have no interest in doing so, outline the equity, and talk to a realtor about its potential sale price, so you can make informed decisions about the next steps.

Never Spend Money You Do Not Have During or After a South Carolina Divorce

During and after a South Carolina divorce, each household is going to see a sharp increase in their expenses, including outfitting a new home with furniture and other goods, or simply because they want to start anew leaving everything from their previous marriage behind.

The long-term financial effects of spending money you do not have and turning to a credit card to get through the expenses can take years to rebound from.

Focus on saving and avoid overspending while you determine exactly what being single will look like financially.

Contact Our Skilled Divorce Attorneys at the David W. Martin Law Group Today.

If you are concerned about how divorce will affect your financial standing, contact our experienced family law attorneys in Spartanburg at the David W. Martin Law Group today to discuss your divorce details by calling 803-548-2468 or contact us online.

We can help you understand and outline your marital assets, debts, and overall financial picture, so you can move forward with your unique divorce proceedings with confidence.

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David W. Martin Law Group

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