Financial side of divorce always a critical component

You and your spouse could be going through the most divisive divorce in history, or the two of you could be going through the most amicable divorce in history (or, sure, somewhere in between). Ultimately it doesn't matter how agreeable or angry you are, because every divorce will inherently involve money and assets. These factors will always play a prominent role, and the division of these assets is crucial to each spouse's post-divorce life.

We bring up this simple fact about divorce for two reasons. The first is that everyone going through a divorce needs to realize that, barring extreme circumstances, you only get one attempt at a divorce settlement. You need to be organized and prepared to deal with the discussions and negotiations involved, and you need to make sure the settlement will allow you to live the life you need to lead after the divorce.

The other reason we bring this up is that many people tend to make crucial financial mistakes during their divorce. For example, some people trade part of their financial settlement to obtain some other right or asset in the divorce. This may seem like a good idea in the moment, but you have to consider the long-term impact of trading away part of your financial settlement.

Along the same lines, don't think about the financial aspects of your divorce as individual issues. Instead, think of them as one whole element with each piece working together. This way you won't be tempted to put all your eggs in one basket, if you will.

Source: TIME, "The 7 Biggest Money Mistakes That Divorcing Women Make," Lili A. Vasileff, July 9, 2014

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