Financial missteps to avoid in a divorce

South Carolina residents who are going through a divorce should be aware of certain realities about the process. Regardless of the reason for the parting of the ways, there are many issues that will be considered as the case proceeds. With as many as one-quarter of marriages in the U.S. resulting in a divorce, finances are a common concern.

When a couple gets a divorce, there are financial mistakes to avoid. The marital home will tempting to retain. However, there are aspects that may make it untenable. Whereas it was once paid for by both parties, it can be too costly for one. If there is sentimental value attached to it, it is even more difficult to sell. Still, this should be assessed before deciding to keep it. Taxes from the sale of a home can be problematic. There may be a capital gains tax under certain circumstances as well.

Estate planning documents should be updated after a divorce. This can include a will, a power of attorney, a trust and beneficiary designations. These should be read and changed to address the divorce. People who grew accustomed to a certain lifestyle will try to maintain it. If there is alimony and child support, it can dent the amount available for discretionary spending. The budget is a vital consideration.

Legal costs can also be problematic when going through a divorce. That should be considered in the context of the goals in the case. If a person is being unreasonable, it can extend the amount of time the case takes to resolve and make it more expensive to pay for legal help. To understand how to deal with these issues and move forward, having advice from an experienced family law attorney may help.