\n \n Published 6:00 AM EST Mar 3, 2019\n <\/p>\n<\/p><\/div>\n If you’re getting a divorce, it pays to keep quiet on social media, says New York divorce attorney Jacqueline Newman. Trashing a soon-to-be ex or boasting about your great new life can complicate divorce negotiations.<\/p>\n One client\u2019s husband, for example, insisted he couldn\u2019t afford a proposed settlement. Then, he inadvertently gave Newman leverage to get a better deal.<\/p>\n \u201cHe bragged (on social media)\u00a0about the great vacation he just took and the big deal he just closed,\u201d Newman says. \u201cAnd I said, \u2018Thank you very much.\u2019\u201d<\/p>\n Oversharing isn\u2019t the only mistake people make when their marriages are ending. Here are four more that can have significant financial consequences.<\/p>\n Facebook status: Divorced: <\/strong>Why millennials ‘killed’ how you decouple\u00a0in the digital age<\/p>\n How much does it cost to get a divorce?: <\/strong>10 states with the highest price tags<\/p>\n You may not know that you need certain documents until years down the road, when your ex may be unwilling or unable to provide them, says David Stolz, a CPA and personal financial specialist in Tacoma, Washington, who is active in the American Institute of CPAs.<\/p>\n While you can, gather paperwork that shows:<\/p>\n These documents may help not only with the divorce settlement but with future retirement and tax planning, Stolz says. For example, someone who was married for at least 10 years may be able to claim spousal or survivor benefits from Social Security based on an ex\u2019s earnings record.<\/p>\n Investments, property, retirement accounts and other assets may have the same face value now, but trigger different tax treatments later \u2014 and that can dramatically affect how much they\u2019re worth, says Kathy Longo, certified financial planner and certified divorce financial analyst in Edina, Minn., and author of \u201cFlourish Financially: Values, Transitions, and Big Conversations.\u201d<\/p>\n A Roth IRA is worth more than a traditional IRA with the same balance, for example, because Roth withdrawals won\u2019t be taxed in retirement. Likewise, a stock or other investment that\u2019s grown a lot in value could trigger a big tax bill that reduces its ultimate value.<\/p>\n Homes can be particularly problematic, especially in high-cost areas. A married couple can exclude up to $500,000 of home sale profit from their taxes, but a single person can avoid tax on only $250,000. Couples need to consider the future, after-tax value of assets during their negotiations, Longo says.<\/p>\n Another big change that can affect divorce negotiations is spousal support. Also known as alimony, spousal support used to be taxable to the person receiving it and tax-deductible for the person paying. That\u2019s no longer true. Starting with divorce agreements made this year, recipients won\u2019t owe taxes on spousal support, and those who pay it can\u2019t deduct it \u2013 which could make support agreements trickier to negotiate.<\/p>\n Even if one spouse agrees to take responsibility for a debt, the other spouse can still be held liable if his or her name is on the account. Creditors aren\u2019t bound by divorce agreements, since your contract with them predates the split.<\/p>\n Ideally, divorcing couples would close joint accounts, remove authorized users from credit cards and transfer the debt to new accounts or loans in the responsible spouse\u2019s name only.<\/p>\n One survey by Nolo, a self-help legal publisher, found divorce costs among those surveyed averaged $15,500 in 2015. Divorces involving child custody and support issues averaged $19,200, and costs can shoot far higher if cases go to trial.<\/p>\n Mediation or collaborative divorce can save people money compared with traditional divorce proceedings, Newman says. Mediation, an alternative dispute resolution process, may not involve lawyers and relies on a neutral third party to help devise an agreement. With a collaborative divorce, each spouse is represented by an attorney trained in the collaborative process of negotiating deals that are fair to both parties.<\/p>\n Mediation requires spouses to be cooperative and open, especially about finances. Collaborative divorce can be an option when the relationship is more problematic but both parties want to avoid expensive litigation.<\/p>\n With a traditional divorce, people may dig in their heels and have to turn to a judge \u2013 sometimes repeatedly \u2013 to decide issues as they\u2019re negotiating an agreement. Avoiding that adversarial process as much as possible can make a lot of financial sense, Newman says.<\/p>\n \u201cI tell my clients, \u2018You\u2019re going to settle eventually anyway. The only question is how long it will take and how much you\u2019ll pay me,\u2019\u201d she says.<\/p>\n More from Nerdwallet:<\/strong><\/p>\n Liz Weston is a columnist\u00a0at\u00a0NerdWallet,\u00a0a personal finance website.\u00a0<\/em><\/p>\n NerdWallet\u00a0is a USA TODAY content partner providing general news, commentary and coverage from around the web. Its content is produced independently of USA TODAY.<\/em><\/p>\n<\/p><\/div>\n
\n Liz Weston
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\n <\/span>\n <\/p>\nNot getting all the paperwork<\/h2>\n
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<\/div>\n<\/p><\/div>\nIgnoring tax consequences<\/h2>\n
Leaving joint credit accounts open<\/h2>\n
Assuming a court fight is inevitable<\/h2>\n
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