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Mistakes to avoid in a Michigan high-asset divorce

Wealth management is critical while getting divorced in a New Orleans court. Legal experts can assist divorcing couples with managing financial decisions, which is especially important in a high-asset divorce. Sound legal advice can help protect assets and prevent future financial devastation.

It can be very difficult to properly manage money and, at the same time, manage the stress of a divorce. There are some good things for people to keep in mind throughout a divorce so that they can protect their assets and financial futures. In general, there are a few financially-related mistakes that are commonly made in a divorce.

A divorce is, no doubt, a very stressful event. It is a common mistake of people to make decisions based on these emotions. Once a divorce is finalized, however, a person may realize that he or she jeopardized his or her own financial status by handing over more assets than necessary because of stressful conflicts during the divorce process. Instead of just handing over as much money as possible, work with attorneys to determine what is fair and equitable and agree on that.

It is also common for divorcing parents to spend more than they can afford on their children in an effort to make up for how the divorce may be affecting them, or to override their own sense of guilt for not being able to make their marriage work out. However, spending in the short term can seriously affect a parent's financial health in the long term.

Another situation that often arises is that debt obligations are not properly settled. A lawyer can assist with preparing or reviewing pertinent documents to ensure that all finances and accounts are properly designated. Divorcing couples must legally resolve jointly-held debt, so that liability is designated. Otherwise, an ex-spouse can find him or herself responsible for the other person's debt in the future. Common examples of this are mortgage and credit card debt that is not resolved.

Third party legal counsel before, during and after a divorce can help address any and all financial issues. This is extremely important to protect assets and prevent financial remorse after a divorce.

Source: Huffington Post, "The Five Worst Divorce Money Mistakes...And How To Prevent Them," Suzanna de Baca, July 13, 2012

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