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Avoid these common money mistakes amid divorce

Your financial big picture may look much different after a divorce than it did when you were in an Alabama marriage. Instead of getting by on two incomes, or getting by with the help of your ex, you now need to figure out how to support yourself without your one-time partner.

According to Business Insider, the choices you make while your split is ongoing may have far-reaching effects on your finances. While taking steps to set yourself up for financial success after your divorce is important, so, too, is avoiding common money mistakes many divorcing parties make. When navigating your divorce, try to avoid these common errors.

Keeping a home outside your budget

You may feel as if you have an emotional attachment to your once-shared home. However, if you are unable to realistically afford it on your own, do yourself a favor and let it go. While paying a mortgage on your own may prove difficult, you also need to think about expenses relating to maintenance, heating and cooling the space and so on.

Failing to adjust your lifestyle

Most divorcing couples find that it is difficult, if not impossible, to maintain the same standard of living they had during the marriage after a divorce. Ask yourself what areas of your life you may be able to cut back on and then do so until you get a better sense of what it is like on your own.

Research shows that while both men and women make these common money mistakes amid divorce, women tend to make them more often than men.

 

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