Divorce is an emotionally draining process, especially when it comes to the serious matter of splitting up marital property. You just want to put the whole thing behind you, but you must proceed carefully.
Some divorcing couples have significant assets, and the higher the net worth, the more opportunity there is for error. If you are in this position, here are four common mistakes to avoid.
1. Failing to study the financial picture
If your spouse is more knowledgeable financially than you are, do not take anything for granted. There might be assets or income acquired during your marriage that you know nothing about. Accept help from your attorney and outside professionals to investigate and make sure all the marital assets are out on the table.
2. Forgetting about taxes
You might agree to a monthly alimony figure without considering what the net amount is after taxes. You must also consider the tax consequences of any assets granted to you in the divorce settlement.
3. Letting guilt play a role
If you are the one who asked for the divorce, you probably feel guilty no matter how logical your reasons might have been or how you view your soon-to-be ex. Guilt may cause you to be too agreeable and give away more than you should in the divorce. You might, for instance, waive your right to alimony, hoping to assuage your feelings of guilt. Resist this temptation.
4. Agreeing to just about anything
A family law attorney will tell you that many spouses grow to hate their partners, for myriad reasons, and want out of the marriage quickly, at all costs. Others want an immediate divorce because they have fallen in love with someone else. As a result, those who want a speedy divorce will agree to almost anything just to get out of it. Again, do not be tempted to do this; it could be a financial catastrophe.
An experienced attorney can provide the advice and support you need when you are facing divorce. Do not make hasty decisions. Your attorney will see that you avoid common mistakes and weather the divorce wisely, so you can emerge from the experience with your confidence and finances intact.