15 Common Divorce Mistakes

Not paying attention to taxes

If you think your ex did a number on your finances, be prepared to meet your worst enemy. Without keeping a close eye on taxes, your divorce could lead you into a financial train wreck. "Many times, after one spouse takes the house, he or she realizes after a few years it's unaffordable—and then gets clobbered on the taxes," says Gayle Smith, family lawyer and author of Divorce and Money. "And if one person takes certain stocks, be sure to consider capital gains taxes if you are going to liquidate." The cost of taxes should be factored into every monetary decision you make as you write up your divorce settlement papers.