The cost-effective divorce is, to put it bluntly, a myth. With legal fees, court costs, support payments, and the division of assets, it’s near impossible to keep the cost of divorce under $20,000. According to Thumbtack, most people spend $15,000 in attorney fees alone when going through a contested divorce. That said, people still strive to obtain a cost-effective divorce, and in their attempts to do so, they make costly mistakes. Below are just a few you should strive to avoid in your own divorce.
Giving Away Your House
Too many men assume that by giving their exes the family home they are suddenly free of all financial obligations associated with it. The courts may still order you to pay all or part of the mortgage. Even if you do get off clean, there is always the risk that your ex will stop paying the mortgage. If that happens, YOUR credit will suffer (assuming your name is on the mortgage). Worse than a drop in your credit score is the fact that credits will come knocking on your door for repayment. If you don’t pay the past due amount, your account will go to collections and the lender may file a lawsuit against you.
Letting Her Keep All the Stuff in the House
Almost as bad as letting your ex keep the house is letting her keep all your shared belongings. Yes, by letting her keep all your stuff you avoid the often-costly property division process. However, Cordell and Cordell … Read More
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