4 Money Mistakes to Avoid When You're Getting Divorced
According to Nolo's 2019 data, the average cost for a divorce in the United States was nearly $13,000—and the average processing time was a full year. These numbers can double and triple when a couple is at loggerheads, forcing them to go to court and rack up an unpredictable amount of legal fees. No matter how much cash you have in the bank or how little money you have hidden under your mattress, divorce can destroy your financial future if you haven't taken the necessary steps to protect your cash, real estate, and retirement assets.
Divorcing couples often do their research about laws in their state, since each has different rules about dividing marital assets. States such as New Jersey, California, and Nevada offer self-help centers that help decode these laws. Still, most people will think to call a divorce lawyer before a financial planner. Yet finance experts say that that is just one costly mistake that divorcing couples simply can't afford. Here are the top four.