Mistakes to Avoid During Your Divorce Settlement

While some divorces are amicable and uncontested, others are filled with conflict and disagreement. Even if you wish the best for your ex-spouse, there may be times when you feel like you need to assert yourself or protect your assets. In the heat of the moment, it’s easy to make mistakes that have negative consequences for your financial future. The following are some mistakes that can cause lasting damage during a divorce settlement:

Assigning Too Much Value to Sentimental Items

It may be difficult to part with mementos from your marriage, but try not to assign too much value to these items when negotiating the terms of your settlement. While they may have great emotional significance for you, they don’t have much monetary value. You can always set up a separate meeting with your ex-spouse to divide these items later.

Acting Out of Anger

Divorce is a very stressful event, which is why It’s crucial to keep your emotions in check during your divorce settlement. Acting out of anger or spite can lead you to agree to a settlement that doesn’t serve your best interests.

Not Thinking Long-Term

The decisions you make during your divorce settlement will affect your finances for years or decades into the future. Think carefully about every item and responsibility so that you don’t end up unhappy with the outcome down the line. For example, one spouse might agree to take on a larger share of credit card debt in order to keep the house, but it ends up being bad for you in the long run.

Not Negotiating Enough

Divorce is a negotiation that can have a major impact on your life for years to come. You might have a lot going on emotionally, but it’s important to keep your eye on the long-term ramifications of what you negotiate for. By thinking about your future, you can often make decisions now that pay off later.

Not Keeping Track of Finances

Divorce requires dividing up marital property and assets, establishing alimony or child support payments, and splitting up debts. You need to go into the process with detailed financial records so that you don’t get shortchanged in the settlement.

Not Consulting an Accountant

If you do receive assets through the divorce settlement, such as stocks or real estate, there may be tax consequences associated with those assets. Consulting with an accountant can help you understand how these assets will be taxed in the future and how they can affect your financial situation.

Hire a Divorce Solicitor Today

Divorce cases can get very messy if you don’t hire an attorney who specialises in family law and has years of experience representing clients in divorce cases. If you’re on the lookout for an experienced divorce solicitor to help with your case, Wembley Solicitors can offer assistance! Our experienced divorce solicitors work with you to get the best deal possible! Check out our client reviews here.

Contact us today book an appointment!