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Avoid these financial mistakes during divorce

There are numerous things that divorcing spouses commonly do wrong, and these mistakes can cost them tens of thousands of dollars during their divorce proceedings. Don't let these negative consequences happen to you. Stay on top of the most important financial details pertaining to the dissolution of your marriage by avoiding the following financial mistakes:

Failing to inventory your assets: Failing to take an inventory of your assets is a big mistake. Get as clear as possible about what you and your spouse own. Make a list that includes everything, including personal possessions, collectables, homes, business assets, vehicles, recreational vehicles, cash accounts, investment accounts, insurance policies, art, appliances and the list goes one.

Do not worry at this point regarding the difference between individual property and marital property. Just get clear on what you and your spouse own as early as possible. Ultimately, it will help you fairly divide your property at a later time.

Making secret financial moves: You might think it's okay to take money out of your personal bank account and hide it somewhere else. However, even if a financial account is in your name alone - if you earned the money or acquired the assets after the date of marriage - these assets will be divisible as a part of the marital estate. When the court discovers that you have secretly moved money, the court could punish you by awarding more money to your spouse during the asset division process.

As a married person you have inherent marital property rights. By investigating your marital property rights and how a family court judge will likely decide how to divide your marital assets, you will be able to navigate your divorce and protect your asset division rights more successfully.

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