Divorce Mistakes That Cost Men A Lot Of Money
As a man going through divorce, there are things that you should not do unless you wish to come out of the process penniless. For example, you shouldn't:
Hide the Money
A common mistake is to hide the money, maybe in an offshore or a relative's account. Unfortunately, such actions rarely stay hidden from the opposing team. Your partner's legal team may hire a private detective or forensic accountant and unearth your dealings. The moment this happens, they will begin to question each claim you may make. In the end, you will have a lengthy divorce, and the longer your divorce is, the more money it will cost you.
Move Out of the House Voluntarily
Moving out of the house may be a good idea emotionally if you don't want to live with a person you are divorcing. Financially, however, it is not the right move to make. Don't forget that you will still be required to support the other household, just like you did before moving house. That means you may have to pay rent, buy groceries and meet other expenses for two sets of houses. Depending on how long your divorce process drags on, it can be very costly in the long run.
Incurring Non-Marital Expenses
When you spend money on non-marital things, the court will refer to it as dissipation. Examples of dissipation include:
- Going on vacation
- Buying gifts for a girlfriend
- Buying a new motorbike or sports car for his hobby
It doesn't matter even if you claim that this was "your own money;" as long as you aren't legally divorced, everything you earn belongs to the "marital pot." When the time comes for asset division, these expenditures will be added to the available assets and divided too. Of course, you will walk away with less money because you have spent a part of your portion.
Nobody likes an acrimonious divorce, but that doesn't mean that you should just roll over and let your partner get away with everything your partner wants. In fact, if you let your partner know that you are easy to manipulate, then you are just setting yourself up for a big loss.
If you don't draw a line, then she may demand an unreasonable percentage of your assets, and you may find yourself giving in to her demands to avoid confrontation. This is one of the reasons you need a good divorce lawyer: He or she will advise you on what is reasonable and what is passive. (For more information on divorce lawyers, contact Harold Salant Strassfield & Spielberg)