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Avoid Making Financial Mistakes in Divorce

The spouse that has not been in charge of managing a family's finances is generally less prepared when entering into divorce settlement negotiations since they may not even be aware of all of the places the family has money. This financial knowledge has serious long-term benefits since it allows both parties to fairly negotiate, but it can also help a person gauge how their financial situation is changing and what their long-term financial needs might be.

Common Financial Oversights in Divorce

There are some common places where finances are usually overlooked. These areas are often important to address when developing a divorce settlement.

Some common financial concerns to be addressed in the divorce process are:

  • Understanding immediate cash flow needs and using this to determine which assets would be the best to obtain in a divorce
  • Settling all joint liabilities and ensure that all accounts and credit is separated prior to the divorce
  • Consulting with financial advisors about the taxes on some assets and whether the person that receives that asset is financially capable of paying it or if the asset holds plenty of long-term financial gain
  • Examining tax returns to determine if there are any tax assets that must be distributed in the settlement
  • Being familiar with the other spouse's retirement benefits and how these are transferred in the event of a divorce

By taking time to familiarize themselves with the family's financial outlook, a person can help to create a solid foundation for themselves moving forward. Just because someone did not handle their family's finances does not mean that they deserve to be penalized.

If you are going through a divorce and need help determining a fair divorce settlement, contact the Meyers Law Group. Our attorneys can help create a complete financial picture and work with you to determine how assets should be best divided in your divorce.