Experienced Attorneys in Jacksonville Helping with Divorce Settlements
A divorce settlement is all about the details.
All it takes is one minor oversight to cost you or your spouse thousands of dollars. Then, correcting these issues becomes even costlier, consumes more of your time, and draws out the divorce process.
To avoid such hassles, you should be aware of the worst divorce settlement mistakes out there. Then, ensure you avoid them. Naturally, most of these errors occur when couples file for divorce themselves and without proper legal assistance. However, some could occur even with an attorney. Therefore, select your counsel wisely, and ensure your settlement does not contain any of the following errors.
What Divorce Settlement Mistakes Cost the Most?
Mistakes happen, and with the complexities in today’s divorce, you might find that your case has an issue or two to resolve.
- You let your spouse decide the financial settlements. One spouse should never be the deciding voice in the financial settlement of the divorce. If you allow your spouse to pick the assets and allocate debts, you might find that you receive less than you are entitled to as a spouse in Florida.
- Ignoring cost of living issues. You are divorcing today, but how does that affect you later in life when you divide retirement and pension accounts? You must consider the cost of living in the future and how that split could have an impact on your financial well-being later. If you are closer to retirement age, this is even more critical. You do not have adequate time to rebuild your retirement nest egg.
- Ignoring taxes in your settlement. Taxes are one of the most overlooked areas in a divorce settlement, but shouldn’t be. Capital gains, income tax, and alimony are all areas that must be addressed. Otherwise, you or your spouse might find yourselves sharing a heavy tax burden.
- Ignoring the impact of divorce on your credit score. While you might have a fresh start romantically, what about your credit and financial situation after the divorce? Bad credit is no way to start your new life, but it happens when couples inadequate plan for the impact divorce has on their credit rating. Pay off all joint debts and create a plan that ensures neither spouse is left shouldering the burden of marital debt.
- Failing to identify all marital assets. Some assets are obvious, like the matrimonial home and investment accounts you share. However, you may have other property that you are unaware of or your spouse could hide assets. Review all checking accounts, tax returns, expense accounts, savings accounts, brokerage statements, and more to ensure every single asset is listed in your settlement and properly distributed.
The Biggest Mistake? Not Hiring a Family Law Attorney
Family law attorneys are your advocates. They are there to ensure you receive a fair settlement, but also that you do not commit one of these prevalent and costly mistakes in your settlement.
If you and your spouse are considering a divorce, meet with a family law attorney from Beller & Bustamante, P.L. Schedule your consultation with our legal team today and let us help you create a fair, equitable settlement.
Call us now at 904-288-4414 or request more information online.