Author: Sanjay Sabarwal

So you know it’s the end of the line. You have researched therapy, gone to therapy or tried other ways to make your relationship, but there comes a time when you no longer wish to continue in a toxic marriage, but to end it so you can move forward. It’s not a nice thing to say, but it’s the truth.  Yet it is not an easy road, and once you settle down on that path, it is important to ensure you and your family are taken care of. Here are some things to avoid.

1. Making financial decisions before you have complete information. It is important to review and gather all relevant financial documents and data before you file.
2. Taking financial and tax advice from friends and family: Having supportive family and friends to go to for during your divorce can be of great benefit to help you get through a difficult time, however, unless they are financial experts, don’t rely on their financial advice.
3. Making financial decisions based on emotions: You will be faced with many difficult financial decisions during the divorce process. These decisions will affect your financial well-being for many years into the future. Decisions that are made without a well thought out approach typically lead to costly financial mistakes in the future. Don’t give in to the pressure to settle just for the sake of getting the process over with.
4. Taking a narrow-minded position during the settlement process: There is no right or wrong solution. Ideally, you should focus on reaching a settlement that is focused on your long-term financial needs and objectives. You are more likely to reach a settlement that benefits you financially, in the long-term, if you approach the process with an open mind.
5. Reaching a settlement agreement without understanding the potential long-term financial consequences. We can’t predict the future; however, based on training and experience , a qualified financial advisor can help you identify the most crucial financial considerations that can help you reach the decisions that are most likely to be helpful for you.

Recently, I spoke to an acquaintance who was rear ended so hard that his car ended up pushed into the car in front of him yet he waited almost 2 days before going to the doctor because as he said, he “felt fine.”  I get it. Later on, he experienced whiplash, and a mild concussion which caused him to miss work and school yet he settled on just getting his car fixed. Most of us, when involved in an accident, would like to resolve things as soon as possible, yet the reality is, you pretty get only one shot to make sure you are made whole with an insurance company. Yet time and time again, most fail to follow these 5 tips.

1. Go to the doctor. That is by far the biggest mistake people make as your health should always be the main consideration after an accident. At most, the inconvenience of a a simple doctor visit could save you time and money later on down the road. You should be aware that failing to seek medical attention after an accident can sometimes reduce the amount of damages you are able to recover.  As the injured party, you may have a duty to “mitigate your losses.”  This means that you must take steps to ensure that the injury does not cause any further injuries or economic losses.
2. File a Police Report. Again, most drivers just exchange information and drive off rather than wait for the police. Filing a police report can help ensure that you have records of important information.  This may include the names and contact information of other parties that were involved.  Also, the report itself can serve as a record of the important facts involved in the accident.  The police report can be used in court if a lawsuit arises.
3. Be Aware of what you and the other driver says. You are under no duty to state whose fault the injury was or to offer additional information.  Avoid making statements that might make the situation more complicated, and avoid creating conflicts in relation to the event. However, if the other party admits liability, document it in the police report or write it down.
4. Keep Accurate Records And Document The accident. These may include hospital bills, medical diagnosis statements, bills related to property damage, and insurance records.  You may also need to maintain records of lost wages if the injury has caused you miss work.  It’s also a good idea to make a written account of the injury, especially while the events and facts are still fresh in your recollection.
5. Do Not Settle or Sign Anything You Do NOT understand. This is an area that  people I know give up all their rights and get under-compensated for pain and suffering, lost wages, and medical bills.  Remember, Insurance companies are for profit businesses and will do whatever they can to limit their liability.