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Mistakes that will cost you during your divorce settlement Part 2

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Mistakes that will cost you during your divorce settlement Part 2

| May 18, 2020 | Firm News |

There is a lot to consider when finalizing your divorce settlement. In the wake of the decision to divorce, it may be easy to overlook some of the important details that should be included in your divorce settlement.

This blog is the second part of a two-part series where we outline the most important mistakes to avoid when drafting a divorce settlement.

5 More Mistakes That Will Cost You In Your Divorce Settlement

  1. Insisting that you stay in the home that you own together. Your home is where you feel safe and secure, and you have likely made a lot of financial and personal investments into it. For many, it only feels natural to fight for the property and try to make a life in that home after the divorce. However, sometimes this does not make the most sense financially. It’s important that you consider the value of your home, your income after divorce and the lifestyle you will lead after divorce. When you eliminate the emotional connection to your home, it is sometimes not worthwhile to fight for it during the divorce.
  2. Fighting over smaller, less significant personal items. The couch that you love to sit on or the art work that hangs above your bed might feel like big items that are worth the fight, but in the end, it’s better to avoid bickering over these possessions. Arguments over smaller items can significantly extend the negotiation process, which drives up the legal fees and increases animosity among all parties. It is better to focus on the most important factors in the settlement, such as financial assets, custody and property.
  3. Not asking for the amount of financial support that you need or deserve. It can be difficult to come up with a dollar amount on your own for what is required after the divorce. Rather than playing it safe and making an assumption on your own, work directly with your attorney and the staff at the law office to come up with the amount of financial support that will allow you to move forward from the divorce.
  4. Forgetting to document liabilities within the marriage. All liabilities that accrued throughout the marriage must be documented so that they can be dealt with during the settlement process. This includes credit card debt, medical bills and loans for consumer purchases, such as vehicles or furniture. It is important to note that some liabilities, such as debt that accrued prior to the start of the marriage, may not be considered marital liability. However, these liabilities — such as student loans — should still be documented for the legal team.
  5. Trying to rush the process in an attempt to put it behind you. Crafting the divorce settlement can be overwhelming, and it’s generally a frustrating experience to endure. All too often, people try to rush the process so that they can move forward with the next chapter of their lives. However, it’s very important that you take the time you need to sort through all of the details properly, so that you end up with a settlement that works for you.

When it comes to finalizing your divorce, it’s important that you partner with an experienced attorney who is willing to advocate for your rights. In a time when there is a lot on the line, you need to know that your divorce lawyer is going to protect you. Your lawyer needs to work to make sure that you get the divorce settlement that you need and deserve.

For more information on filing for divorce, contact us today to set up a consultation appointment.