There’s a reason it’s important to hire an experienced lawyer to handle your divorce. Separating from your spouse isn’t just about dissolving the legal partnership. It also concerns separating your finances to ensure your assets and credit profiles are no longer linked. There are many mistakes you can make in this regard that could have long-lasting effects on you.
Forgetting About Assets
The divorce settlement is based upon the total assets produced from the marriage, but it’s possible to overlook some of these items. The court can only account for the assets you and your spouse provide, so, if something isn’t included, it could affect the final settlement. For instance, if your spouse owns an acre of land that he or she bought during your marriage and it isn’t included as an asset, you may forfeit any profits associated with the sale or rental of that land.
Forgetting About Taxes
It’s important to go over any settlement with your Tampa divorce attorney before you sign off on it. Aside from making sure it’s a fair settlement, remember that you’ll be responsible for paying taxes. Even where splitting a retirement account is concerned, handling the division improperly can result in having to pay hefty income taxes upfront. You should similarly expect to pay taxes on any stocks, real estate, and other investments transferred into your name.
Hanging onto Your Home
One of the biggest disputes between couples is determining who will get to keep the home they bought together. While there may be practical and emotional reasons for wanting to keep the home, it can sometimes be better to let it go. When you bought the home, you probably determined that you could afford the mortgage, insurance, taxes, and upkeep with two incomes. Those burdens become more
Going to Court Out of Spite
A divorce trial is more expensive than people realize. From the standard court fees and attorney fees to requiring testimony from experts and mounting investigations into financial records, those costs quickly add up. Many of those costs can be eliminated if you and your spouse can settle your issues in mediation. While you each may still need to have a Tampa divorce attorney present, even those attorney fees will be much lower. This is an opportunity for you and your spouse to divide your assets and settle child custody issues on your own terms. This can save you both a considerable amount of money and help you develop a new platonic relationship.
Inaccurately Representing Expenses
If there’s an issue of spousal or child support, it may be especially important to report your total expenses to the court. In determining support, family court judges look at the income and expenses for each spouse to determine if support should be paid and how much support should be given. If you fail to include all of your expenses or underestimate variable expenses, you may not be granted sufficient support. To get a more accurate estimate, you should look at each expense for the past year and determine the average monthly cost for that expense.
Divorce is a complex matter that largely deals with separating the couple’s finances. Even a small error can have a big impact on your future, so it’s important to provide your attorney with meticulous records. This will help ensure all of your financial needs are met and you and your spouse arrive at a fairer settlement. Even when there are no minor children involved in the marriage, taking these steps will help you come out of the marriage on solid footing.