{"id":50828,"date":"2018-10-10T08:27:35","date_gmt":"2018-10-10T08:27:35","guid":{"rendered":"http:\/\/dominiclevent.com\/blog\/?p=50828"},"modified":"2019-04-17T17:10:39","modified_gmt":"2019-04-17T17:10:39","slug":"10-seriously-expensive-mistakes-people-make-in-a-divorce","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/10-seriously-expensive-mistakes-people-make-in-a-divorce\/","title":{"rendered":"10 seriously expensive mistakes people make in a divorce"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div itemprop=\"articleBody\">\n<p>Divorce rates have hit the lowest point in 44 years, down 40% from their peak in 1993, according to the latest stats from the Office for National Statistics.<\/p>\n<p>However, rates amongst older people are actually higher than they were in 1993.<\/p>\n<p> Sarah Coles, personal finance analyst at investment firm <a href=\"https:\/\/www.hl.co.uk\/\" rel=\"nofollow\">Hargreaves Lansdown<\/a> , says: \u201cYou might have thought that once you\u2019ve lived with your spouse for a few decades, you\u2019ll have learned to put up with their most irritating habits. But apparently not. <\/p>\n<p>\u201cWhile divorce rates have been falling among some groups in recent years, they\u2019ve been on the rise among the over-55s.\u201d<\/p>\n<p>When you are older, you have far more to lose financially when a relationship breaks up. You build up more savings, pensions and belongings, and after the split you have far less time to put things right.<\/p>\n<aside class=\"read-more-links\">\n<h5 class=\"publication-theme-icon publication-theme-border\">Read More<\/h5>\n<\/aside>\n<h3>10 biggest divorce mistakes<\/h3>\n<figure class=\"in-article-image\" data-mod=\"image\" itemprop=\"image\" itemscope=\"itemscope\" itemtype=\"http:\/\/schema.org\/ImageObject\"><meta itemprop=\"url\" content=\"https:\/\/i2-prod.mirror.co.uk\/incoming\/article13011905.ece\/ALTERNATES\/s615b\/0_Divorce-wedding-cake.jpg\"\/><meta itemprop=\"width\" content=\"615\"\/><meta itemprop=\"height\" content=\"864\"\/><\/p>\n<div class=\"outer\">\n<div class=\"mod-image\">\n<img data-src=\"https:\/\/i2-prod.mirror.co.uk\/incoming\/article13011905.ece\/ALTERNATES\/s615b\/0_Divorce-wedding-cake.jpg\" alt=\"\" content=\"https:\/\/i2-prod.mirror.co.uk\/incoming\/article13011905.ece\/ALTERNATES\/s615b\/0_Divorce-wedding-cake.jpg\"\/><\/div>\n<\/div><figcaption><span class=\"caption\" itemprop=\"description\">You can have that side of the cake&#8230;<\/span><br \/>\n<span class=\"credit\" itemprop=\"author\"> (Image: Getty)<\/span><br \/>\n<\/figcaption><\/figure>\n<p>Here, Sarah highlights the 10 most common divorce mistakes that couples need to avoid to ensure neither ends up struggling.<\/p>\n<ol>\n<li>\n<p> <strong>Letting emotion get the better of you &#8211;<\/strong> Nobody is entirely calm during a divorce, but letting emotion get the better of you is expensive. The more you can sensibly agree with your ex, the less you\u2019ll need to pay a lawyer to sort it out (at over \u00a3200 an hour). If you\u2019re struggling, consider mediation, which can be much cheaper than going to court. <\/p>\n<\/li>\n<li>\n<p> <strong>Trying to go it alone entirely &#8211;<\/strong> It\u2019s great to do what you can without help, but it pays to know when to call in a professional. A lawyer will know the legal position, your rights and your options, and will protect you from mistakes that will prove far more expensive further down the line. They\u2019ll help you stand your ground if your ex pushes their luck. <\/p>\n<\/li>\n<li>\n<p> <strong>Using the wrong professional &#8211;<\/strong> If you need professional help, get the right one. Don\u2019t try to use your lawyer as an expensive counsellor or an amateur financial adviser \u2013 go to an expert in the area you need help. <\/p>\n<\/li>\n<li>\n<p> <strong>Focusing too much on the family home &#8211;<\/strong> So much emotion is tied up in a family home it\u2019s no surprise some people are desperate to keep it. However, before setting this goal, you need to think carefully about what else you have to offset in order to get the house. You also need a plan for how you can stay on top of the mortgage and the regular bills after the split. <\/p>\n<\/li>\n<li>\n<p> <strong>Trading away the pension &#8211;<\/strong> It\u2019s relatively common to agree that one member of the couple can keep the pension, while the other keeps something else \u2013 such as the home. However, if you are approaching retirement, this could be a huge mistake. A pension pot can often be one of the biggest assets, much more valuable than the family home. You have alternatives \u2013 you can split the pension pot into two pensions, or get an attachment order so you both get a share of the pension income when it pays out. Take the time to understand your options. <\/p>\n<\/li>\n<li>\n<p> <strong>Failing to take account of all debt &#8211;<\/strong> You are both equally liable for all joint debts, so if an ex-partner fails to pay, you\u2019ll have to cover it all. When you split, therefore, make sure all joint accounts, credit cards and loans are frozen, and that they are all considered as part of the divorce settlement. <\/p>\n<\/li>\n<li>\n<p> <strong>Getting into extra debt &#8211;<\/strong> It\u2019s not uncommon. A divorce is a horribly expensive time when you\u2019re paying lawyers and trying to set up two homes on incomes that used to cover one. However, it can make getting back on track incredibly difficult, so draw up an emergency budget, and cut your expenses to the bone during these first difficult months. <\/p>\n<\/li>\n<li>\n<p> <strong>Forgetting protection &#8211;<\/strong> If you\u2019re paying child maintenance, you may need life insurance to cover payments in the event of your death. Likewise, if you\u2019re receiving spousal maintenance, you may want insurance to cover your former partner\u2019s life. You may need to change your nomination of beneficiaries for your pensions and work based death in service benefit too. <\/p>\n<\/li>\n<li>\n<p> <strong>Failing to make a will &#8211;<\/strong> After divorce, your will is invalid, so make a new one as quickly as possible to ensure your estate will be divided according to your wishes. <\/p>\n<\/li>\n<li>\n<p> <strong>Thinking that divorce is the end of your financial considerations &#8211;<\/strong> When it\u2019s all done and dusted, you\u2019ll need to rebuild. This should ideally start with accruing a savings pot to cover emergencies. You\u2019ll also need to revisit longer-term savings, investments and pensions, review the damage done, and how you can get back on track. <\/p>\n<\/li>\n<\/ol>\n<\/div>\n<p><br \/>\n<br \/><a href=\"http:\/\/www.bing.com\/news\/apiclick.aspx?ref=FexRss&#038;aid=&#038;tid=8A314777321F41D9B4C4EDEBD04EC6C4&#038;url=https%3A%2F%2Fwww.mirror.co.uk%2Fmoney%2F10-seriously-expensive-mistakes-people-13366961&#038;c=419456896671007805&#038;mkt=en-gb\">Source link <\/a><br \/>\n<a href=\"https:\/\/dominiclevent.com\/contact-us\/\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-300x100.png\" alt=\"\" width=\"600\" height=\"200\" class=\"aligncenter size-medium wp-image-14\" srcset=\"https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-300x100.png 300w, https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer-150x50.png 150w, https:\/\/dominiclevent.com\/blog\/wp-content\/uploads\/2017\/01\/footer.png 600w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><br \/>\n<center><iframe loading=\"lazy\" src=\"https:\/\/www.google.com\/maps\/d\/u\/1\/embed?mid=1w4tN9mf5kVdBXUXTq2KvwE23NmpUzEna\" width=\"640\" height=\"480\"><\/iframe><br \/>\n<\/center><br \/>\n<center><iframe loading=\"lazy\" src=\"https:\/\/calendar.google.com\/calendar\/embed?src=sc635csnrm8h9s9lq0cad6vkss@group.calendar.google.com\" style=\"border:0px #ffffff none;\" name=\"myiFrame\" scrolling=\"no\" frameborder=\"1\" marginheight=\"0px\" marginwidth=\"0px\" height=\"3px\" width=\"600px\" allowfullscreen><\/iframe><\/center><br \/>\n<center><\/p>\n<div itemscope itemtype=\"http:\/\/schema.org\/LocalBusiness\">\n<div itemprop=\"image\" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\">\n<img decoding=\"async\" src=\"http:\/\/www.dominiclevent.com\/wp-content\/uploads\/2018\/06\/Business_Solicitors_London.jpg\" width=\"600\" itemprop=\"url\"><\/div>\n<p><\/br><\/p>\n<div itemprop=\"name\">Dominic Levent Solicitors<\/div>\n<div>Email: <span itemprop=\"email\">Enquiries@dominiclevent.com<\/span><\/div>\n<div>Phone: <span itemprop=\"telephone\">020 8347 6640<\/span><\/div>\n<div>Url: <span itemprop=\"url\">https:\/\/www.dominiclevent.com<\/span><\/div>\n<div itemprop=\"paymentAccepted\"  style='display: none' >cash, check, credit card, invoice<\/div>\n<p>\t<meta itemprop=\"openingHours\"  style='display: none'  datetime=\"Mo,Tu,We,Th,Fr 09:30-17:30\" \/><\/p>\n<div itemtype=\"http:\/\/schema.org\/GeoCoordinates\" itemscope=\"\" itemprop=\"geo\">\n\t\t<meta itemprop=\"latitude\" content=\"51.632223\" \/><br \/>\n\t\t<meta itemprop=\"longitude\" content=\"0.1781417\" \/>\n\t<\/div>\n<div itemtype=\"http:\/\/schema.org\/PostalAddress\" itemscope=\"\" itemprop=\"address\">\n<div itemprop=\"streetAddress\">1345 High Rd<\/div>\n<div><span itemprop=\"addressLocality\">London<\/span>, <span itemprop=\"addressRegion\">London<\/span> <span itemprop=\"postalCode\">N20 9HR<\/span><\/div>\n<\/p><\/div>\n<\/div>\n<p><\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Divorce rates have hit the lowest point in 44 years, down 40% from their peak in 1993, according to the latest stats from the Office for National Statistics. However, rates amongst older people are actually higher than they were in 1993. Sarah Coles, personal finance analyst at investment firm Hargreaves Lansdown , says: \u201cYou might &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/dominiclevent.com\/blog\/10-seriously-expensive-mistakes-people-make-in-a-divorce\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;10 seriously expensive mistakes people make in a divorce&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-50828","post","type-post","status-publish","format-standard","hentry","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 seriously expensive mistakes people make in a divorce - Dominic Levent Solicitors Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dominiclevent.com\/blog\/10-seriously-expensive-mistakes-people-make-in-a-divorce\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 seriously expensive mistakes people make in a divorce - Dominic Levent Solicitors Blog\" \/>\n<meta property=\"og:description\" content=\"Divorce rates have hit the lowest point in 44 years, down 40% from their peak in 1993, according to the latest stats from the Office for National Statistics. However, rates amongst older people are actually higher than they were in 1993. 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