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Avoiding financial surprises when getting divorced

There are situations in which people generally don’t want to be surprised. One is divorce. A divorce has major impacts on one’s future. So, when a person gets caught off guard by something during this process, they may be very worried about what this unwanted surprise could mean for their long-term well-being.

A recent survey indicates that it is not at all uncommon for women to experience financial surprises in connection to a divorce. Of the divorced and divorcing women surveyed, 46 percent reported such surprises.

Individuals of any gender can have the potential to be caught off guard by financial matters in a divorce. Given the impacts unpleasant financial surprises can have on a person, taking measures to avoid such surprises can be critical when getting divorced. So, it can be important for divorcing individuals to understand what things can lead to such surprises. We’ll now go over three common causes of unpleasant financial surprises in divorce.

Not having the full financial picture

Lacking the right information on net worth, income and debt can lead to a range of troubles for divorcing individuals. It could result in the unfortunate surprise of discovering one has made a key divorce decision without the full picture.

Now, there can sometimes be challenges in gathering all the relevant financial information during a divorce. Sometimes, such challenges come simply due to complex financial situations. Other times, they can come from unfair conduct by a spouse, such as asset hiding. Skilled divorce attorneys can help individuals address difficulties with information gathering.

Incorrect assumptions

There are a variety of assumptions individuals may make as they head into a divorce. This may include assumptions about what will happen with things such as property division, alimony and child support. When these assumptions are off, they can lead to unpleasant surprises indeed. So, going into a divorce with properly set expectations can be critical. Talking with experienced attorneys about the divorce process and the particular circumstances surrounding the divorce could help individuals with this.

Unexpected events

Sometimes, unexpected events occur during a divorce that lead to major financial surprises. Careful preparation for a divorce could help with putting a person in a solid position to respond to unexpected events when they come up. Having strong and well-tailored guidance when addressing the unexpected situation can also be helpful.

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