Separation and divorce are the biggest mistakes a woman should avoid

Separation and divorce are the biggest mistakes a woman should avoid.

Divorce settlement is not an exact science.  If financial divorce settlement were a straightforward mathematical equation, we wouldn't need courts and lawyers to sort things out.  Under family law legislation courts are usually required to take into account a number of factors in deciding who gets what.  Many women settle for a 50% division of marital property without taking into account factors such as significant disparity between your husband's earnings and your own weekly/monthly income and your age or health.  There may be restrictions on earning capacity

Another mistake is allowing the other spouse to keep the marital home even if you have the ability to buy it.  Real estate properties have a habit of increasing in value without you doing anything.  If you pass it on and your spouse pays you, the problem is often that you don't have enough money to buy a property of your own.  Deposit, stamp duty, legal fees etc. can buy another house out of your reach.  You have stopped paying arrears in rent

Although not a common mistake, some women will try to maintain a marital home when they really cannot afford it financially.  If buying your husband's share of the home involves taking on a large loan, you'll need to factor in monthly loan repayments plus outgoings such as rates, building insurance, public liability insurance and general maintenance costs.  .  Only then will you know whether you can really afford to own a home or not

Failure to consider other issues such as alimony and child support before agreeing to the division of marital property is another problem.  These are not matters that should be dealt with in isolation

It is the current value of the property that is taken into account - not the replacement value.  This means that if the family car is worth $10,000, it's often better to keep it.  Many women find they need a car to take their kids to school, soccer practice, etc. and spend twice as much as the family car to replace it.  The same mistake is sometimes made with regard to marital furniture and effects.  They are usually second-hand (even if bought recently) and therefore do not cost much.  For example, the refrigerator you paid $1,000 for new may now cost only a few hundred dollars.  Keeping the bulk of the furniture (if it's in good condition) will save you from paying a lot of money to replace it.

Property settlements can sometimes be amicable, but that doesn't mean they're fair.  Don't accept the inflated financial values ​​your husband is likely to place on the property you want to keep and the low value he is likely to place on any property.

It's surprising to find women (and sometimes men) bickering over the smallest of things. By this I mean, fighting for items of lesser monetary value. It makes no sense to pay hundreds of dollars in legal fees to decide who is going to receive a $50 wedding vase or $150 postage stamps.

Another mistake is to disregard other assets such as boats, trailers, machinery, pensions, retirement funds, stocks, shares and life insurance as marital property and/or financial resources.

Meny women believe that it will be easier for their husbands to deal with the children if they are "lenient" about the rights to settle their property.  This approach rarely produces the desired result.  Usually the only real result is that your spouse perceives you as weak.

Another very common mistake is seeking divorce financial planning advice from an attorney instead of a financial planner. What do lawyers know about financial planning?

Some women are tempted to reach informal agreements with their husbands that they believe are legally binding. It is not - even if it is in writing and signed by both parties.

Eventually, many women just give in to their husbands because that's what they've always done. Now is the time to stand up for yourself. You're facing separation and divorce, which means that more than ever, you need to be primarily concerned about your financial future!