Avoid these common money mistakes amid divorce
Your budget and lifestyle may look much different after you divorce your Michigan spouse, but your divorce gives you an opportunity to assess your financial situation and take steps to improve it. While making smart money moves is important, so, too, is avoiding common financial errors that many people in your shoes make.
Business Insider recommends that you avoid making the following money mistakes when working through your divorce.
Putting too much stake in alimony
Alimony awards are not as common as they once were. Even if you do receive an alimony award in your divorce, it may not be for permanent alimony, unless your marriage was a long one and other conditions exist. While alimony may help you get by in the absence of your partner, try not to put all your eggs in the alimony basket.
Fighting for a home outside your means
Before you fight your ex for your marital home, ask yourself – is doing so your smartest option? Unless you have considerable assets of your own, fighting to keep a house that is beyond your means may hurt your bank account in the long run.
Not identifying financial goals
During your divorce, ask yourself what your biggest goals are when it comes to your finances. Are you most concerned about saving for retirement or eliminating debt? Determining what your most important financial objectives are may help you figure out where to focus your energies amid asset division.
While navigating your divorce, you may want to modify your lifestyle, at least for the moment. Once you have an idea of what your financial big picture looks like once your marriage ends, you may have an easier time setting and sticking to a budget.