These are the money mistakes that are usually made in a divorce - Divorce money mistakes partners make - The process of a divorce is quite difficult within the emotional realm.

However, it's not the only aspect where it can hurt, as dealing with financial and legal decisions makes it even more complicated. In fact, the strategy you choose during this time can have a long-term impact on your financial future, especially if the two spouses shared the finances.

Financial planning and budgeting are critical for both individuals and couples. In this sense, many marriages do not keep their accounts in order and have rather poor economic health. Situation that, when separation comes, worsens. Even more so if mistakes are made.

In order for the savings and money you have not to be compromised, it is necessary to focus on some of the biggest financial mistakes that people should avoid if they are going through a divorce process.

Divorce money mistakes partners make

Take note of the most relevant aspects.

Sharing a home is one of the most common mistakes that many couples make in divorce proceedings. You may have an emotional attachment to the home, which is understandable. However, the problem is that it is probably one of the biggest expenses you have, and it becomes unpayable when only one person takes care of all the bills.

If you keep that house and it's bigger or more expensive, it could account for 60% of the income, which becomes financially unsustainable.

In the event that you want to keep your home, you should consider taking into account all its costs: from the mortgage to taxes, to maintenance. You may need to consult with a mortgage broker or even a lawyer before making a final decision about your property.

The moment 2 people share their expenses like mortgage or rent, everything becomes more expensive when a separation occurs. Be prepared to reduce the volume of spending, as you may have to budget for the costs you previously shared.

Divorce money mistakes partners make

If you take the family income and divide it by 2, you will both live at a lower level. It is very difficult for a divorced couple to maintain the same pace of life unless they have a significant fortune.

So find ways to reduce your budget. Choose an affordable vehicle over a luxury one or find a more affordable place to live. Here are some tips to reduce your monthly expenses and make it easier to pay.

If you've been married for more than a few years, you and your ex-spouse may have to split assets, including savings accounts, pension plans, and investments. To decide which assets are most recommended for your interests, consider your needs and the tax implications financial product.

Assets such as pension plans and property are taxed differently and taxed differently.

Divorce money mistakes partners make

For example, if you need immediate income and are still young, a pension plan may not be the best option because you will have penalties for withdrawing money early. Meanwhile, other assets require your time and financial solvency, as is the case of a home that needs some reform or maintenance.

Investments such as shares of listed companies or bonds can generate immediate income if they are sold or paid dividends. However, you should be prepared to understand how and when these options are taxed.

It is not uncommon for a couple to give up their independent income once they are married or have children. But it is important to understand the options in case of divorce.

Child support is a series of payments that a person may have to make to his or her ex-spouse during separation or after a divorce. It is determined on a case-by-case basis and varies depending on the type of income.

Depending on the type of maintenance, it may not necessarily last the rest of your life. In certain circumstances, such as the loss of income of a former spouse, it may be terminated sooner than expected.