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Mistakes that will cost you in your divorce settlement Part 1

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Mistakes that will cost you in your divorce settlement Part 1

| May 18, 2020 | Firm News |

The process of divorce is all-consuming. Not only is it emotionally and mentally stressful, but it also requires you to evaluate all of your assets and consider the custody of your children. It is important that you hire an experienced divorce attorney so that you can avoid making costly mistakes in the divorce settlement.

This is the first blog in a two-part series that will outline which mistakes you should avoid making in your divorce settlement.

5 Mistakes to Avoid in Your Divorce Settlement

  1. Avoiding the reality of divorce. Divorce is a traumatic experience, and it is not the outcome that most people want for their marriages. However, one of the worst things a person can do is ignore the signs of an impending divorce. Behavioral changes often indicate that another person is considering leaving the marriage. These can include withdrawing emotionally, relying on another person for emotional support, avoiding the home or other physical contact or shifting money or assets into different accounts. If you have noticed these or other signs that your marriage may be in trouble, it is best to start planning for divorce sooner rather than later.
  2. Hiring an inexperienced attorney. As soon as you know that you will be seeking a divorce, you need to hire a qualified attorney who is experienced with divorce law in your state. The right attorney will be able to guide you through the divorce process, and advocate for you so that you get the settlement that you need. You need to hire a reputable attorney who is willing to provide you with the personalized, dedicated service that you deserve during this time.
  3. Hiding information from your lawyer. In order to provide you with the best possible outcome after the divorce is finalized, your attorney needs to be aware of all relevant information related to your case. You should proactively provide your attorney with accurate details about the state of your marriage, including the emotional battle leading to the divorce and the financial assets that were acquired during the marriage.
  4. Giving your spouse the benefit of the doubt. At one time, you trusted your spouse implicitly, and you felt that they would always have your best interest at heart. It can be hard to disregard that trust, but it’s important that you recognize that your spouse may attempt to hide important details during the divorce process. You should plan properly for the divorce by making copies of important financial records and bank documents, so that everything is on the table during the negotiation process.
  5. Forgetting about the taxes. During the negotiation process, different payments will be discussed. Alimony and child support are common financial commitments that individuals are required to pay after the divorce is finalized. It’s important to remember that taxes will come out of those payments, so you and your attorney will want to consider all tax obligations during the process of creating a divorce settlement. You do not want to be surprised by these numbers after the divorce is finalized.

There is a lot to consider when drafting a divorce settlement, which is why you will want to have a qualified divorce attorney on your side. An attorney with local experience and plenty of insight will be able to help you navigate through every detail and come up with a plan that is beneficial to you. It’s important to have an attorney who is willing to advocate for your needs during this challenging experience.

For more information on the divorce process, contact us today and set up a consultation appointment.