The efforts you make and steps you take while navigating your Ohio divorce may have far-reaching implications. They may impact everything from how much money you have to put toward a new home without your ex to how much you are able to set aside for retirement. While you may not be able to control every financial aspect of your divorce, you may be able to avoid losing money unnecessarily by avoiding some of the common mistakes people in your shoes make.
Per Business Insider, many people working their way through divorce make the following three financial errors.
1. Being too dependent on spousal support
Depending on your income and employability and those of your ex, among other considerations, you may be able to secure spousal support in your divorce. However, this support may prove temporary. Even when Ohio awards “permanent” spousal support, it does not always wind up being permanent. There may be other provisions involved, and banking too much on spousal support may come back to bite you.
2. Failing to modify your lifestyle
You may need to modify your lifestyle after a divorce so that you learn to live on one income, rather than two. Unless you have considerable assets of your own, you may need to think about things like purchasing a cheaper vehicle or skipping that expensive annual vacation once your divorce becomes final.
3. Fighting for the home if you are unable to afford it
You may feel emotionally tied to your former family home, but ask yourself honestly if it is something you can afford without your spouse. Consider the mortgage, property taxes and costs associated with upkeep before fighting to stay in your family home.
By avoiding these common money mistakes, you may be able to give yourself a stronger chance at financial success post-divorce.
