What Are the Most Common Financial Mistakes During Divorce?

 Posted on February 25, 2025 in Divorce

Divorce is a difficult time, both emotionally and, for many, financially as well. When one household becomes two, the same amount of money must stretch further for both spouses. It can be tempting just to let your spouse have whatever he or she wants to never have to argue about these issues again and to be able to move on with your own life, but doing so can financially cripple you for a very long time. So, if you are sick of arguing, do not give up and give in. Instead, take a step back and let our experienced Wheaton, IL divorce attorney fight on your behalf.

Financial Mistakes Made During Divorce That Can Affect Your Future

The biggest financial mistakes that are made by the greatest number of people during a divorce include:

Trying to Get a Divorce Over as Quickly as Possible

While it is understandable that you want your divorce to be over, when the terms of a divorce are rushed, one spouse usually ends up with an unfair division of assets and debts. Spouses who are controlling, narcissistic, or financial abusers will do their best to drag out the divorce for this very reason. They know that if they make the divorce as difficult as possible, the other spouse is likely to give up on getting his or her fair share.

Letting Your Spouse Tell You What You Own and What the Assets Are Worth

Often, one spouse primarily handles the finances. This is fine, so long as the setup does not specifically prevent the other spouse from knowing what is owned, owed, and what assets are worth. If you have never been involved in your marital finances, before you file for divorce, you should get copies of tax returns, credit card statements, bank statements, investment and retirement statements, and any paperwork associated with marital assets and debts.

Failing to Value Marital Assets Properly

If there are significant assets in a marriage – especially a business – it is important that each spouse obtain his or her own independent valuation of those assets. Just because your spouse tells you the beach house is only worth $600,000 does not make it so. A forensic accountant may be needed to track marital money and assets to ensure fair division.  

Failing to Consider Your Spouse is Hiding Assets

There are so many ways a spouse can hide assets, including through trusts, overseas accounts, transferring money or assets to family members, gambling websites, investing in cryptocurrencies, "loaning" money to friends, and even having an employer defer bonuses and raises.

Accepting an Unfair Share of Marital Debt

Illinois is an equitable distribution state, which means assets and debts are divided fairly, although not necessarily equally. If your spouse willfully dissipated assets or accumulated debt after it became clear the marriage was in trouble, he or she may be wholly responsible for that debt.

Failing to Consider Your Share of Your Spouse’s Retirement Account

A retirement account is often worth more than any other marital asset, including the marital home. A qualified domestic relations order (QDRO) allows retirement plan assets to be divided fairly during a divorce.

Contact a DuPage County, IL Divorce Attorney

To ensure you do not make mistakes that can be difficult to recover from during your divorce, speak to a skilled Wheaton, IL divorce lawyer from Mirabella, Kincaid, Frederick & Mirabella, LLC. When you choose MKFM Law, you have chosen a firm that is highly client-centered, serving family law clients at their offices in Kane County, DuPage County, and DeKalb County. Call 630-665-7300 to schedule your initial attorney meeting.