Mistakes Commonly Made During the Divorce Settlement Process

As you’re going through a divorce, it’s understandable to want to get the whole process over with as soon as possible. However, you need to make sure you are looking out for your own best interests.

The following are a few of the mistakes most commonly made during divorce settlement negotiations:

• Not even considering mediation. Mediation offers you more flexibility and may lead to significantly lower costs. It might not be the most comfortable experience, but if you believe there’s any chance you and your former spouse can find amicable solutions, it’s almost always a better option than going to court.
• Not trying to minimize taxes. During the divorce, you and your spouse are likely so focused on each other that you forget that your mutual “enemy” is the Internal Revenue Service. You can work together with a financial planner to minimize the amount of taxes you’ll need to pay after your divorce. It’s a situation that benefits the both of you.
• Not properly evaluating settlement proposals. People tend to breeze through their overview of their divorce settlement proposals because they’re sick and tired of dealing with it all. However, you need to read all proposals carefully with your family law attorney to make sure they are favorable for you.
• Being emotionally attached to certain assets. Homes, for example, are a common subject of attachment, but often have a low return on investment after a divorce. Do not try to keep certain assets you cannot afford simply because you have a deep emotional attachment.
• Not developing a post-divorce financial plan. You need to make sure that any settlement you agree to realistically meets your post-divorce financial needs. Work with an attorney to help figure out exactly what you can expect to pay on a monthly basis for all of your expenses.

For more tips on how to avoid some of these and other common mistakes during divorce settlement negotiations, contact the knowledgeable family lawyers at Jakubowski, Robertson, Maffei, Goldsmith & Tartaglia today.