Negotiating a divorce settlement
Another deadly sin: You don't admit you need help when your retirement planning becomes more complicated than you originally thought. "A divorce is a lawsuit and a very complicated financial transaction," says Reckers, who helps couples negotiate divorce settlements.
"Everyone needs to understand their rights and obligations under the law and how the law intersects with their financial picture," he says. "Each party, at a minimum, should at least consult an attorney to have these rights and obligations spelled out."
Pride sometimes causes people to take an untenable position in their negotiations.
"We have seen clients argue it was their individual hard work that made the family business successful and their spouse should not have a right to the fruits of that hard work," says Reckers. "In reality, it was a joint effort during a marriage that created the success of the business, and courts will usually see it this way. Arguing otherwise is a result of an individual's pride and is a deadly sin."