Divorce lawyers understand that going through a divorce is never enjoyable but don’t be left to regret how the process unfolded. Once you and your spouse have decided to go through with a divorce, hiring legal council for both parties is the best way to handle the situation properly. Divorce lawyers in Alabama are experts at making the transition as smooth as possible and ensuring fair representation for both parties. There are futures at stake, and many pitfalls to be aware of. Read our list of how to avoid making these 5 common financial mistakes during your divorce. Hanging onto the house and property During a divorce, many couples try to keep hold of their house and property no matter what. This is not always the best option for either party, as the house will cost money down the road. There are mortgages, property taxes, property maintenance and unexpected maintenance costs that can occur and will have to be paid for. The house and property should be awarded to the party that can best afford it and compensation be paid out to the other. Keeping the family home should not be the primary negotiating point. Not divorcing yourself financially Getting a clean separation, especially financially is essential to any successful divorce. Not only will each party know where they stand financially but also there will be no dependents left. There is nothing worse than continuing to share bank accounts or credit cards and have one partner begin to take on debt. All sorts of arguments and frustration can occur from continued financial partnership and after all, what’s the point if you’re no longer married. Continuing with mutual financial arrangements Both parties are held responsible to the court ordered divorce agreement but creditors do not qualify here. If one party is obligated by law to make a mortgage payment but doesn’t, creditors can sue both parties listed on the agreement no matter what the divorce agreement states. This is why a clean separation is the best route. Not adapting your estate plan A divorce has far reaching impacts and will often affect estate plans significantly. It is wise to have your wills and trusts adjusted soon after completing a divorce so that your money does not end up going to the wrong beneficiary. Get your alimony and child support payments in order In the State of Alabama, alimony payments are taxed differently from child support payments. Child support payments are not taxable to the recipient while alimony payments most certainly are. It is also wise to know how long payments will be received, as child support payments cease when the child turns 18 and alimony payments end if the recipient gets remarried. Hiring a Huntsville divorce lawyer to help you deal with all the responsibilities and keep track of as you go through your divorce is the best thing you can do. The situation is stressful enough and it is often difficult to think straight and keep an unbiased scope of the proceedings. Your Huntsville family lawyer will ensure that your best interests are fully represented and that you can worry about putting yourself back together. Contact us today by calling (256) 539-4464 or visiting our website to learn more.