Divorce is not just psychologically taxing; it’s also a complex legal process that can significantly impact your finances, children, and long-term well-being. Unfortunately, the majority of people make critical mistakes during divorce that would have been avoided by having the right information and being well-prepared.
Having experienced divorce lawyers from The Machin Law Firm helps you to get guidance through the legal process and can help you avoid unnecessary errors. Here are five common legal mistakes made during divorce and practical tips to avoid them.
Failure to Hire a Qualified Divorce Attorney
Trying to navigate through a divorce without a lawyer can cause permanent damage. Even if you and your spouse have ironed out agreements on just about everything, the law is complex and varies by state.
A good divorce attorney knows how to protect your rights, ensure that property division is fair, and prevent mistakes in custody provisions or spousal support. Without this guidance, you could unintentionally waive important rights or agree to terms that harm you financially or emotionally.
Tips to Avoid It: Always consult a knowledgeable family law attorney, especially if your divorce involves shared property, financial assets, debts, or children.
Hiding Assets or Not Disclosing Financial Information
Many spouses underreport income, conceal assets, or leave off debt to cheat one another. Courts view such behavior as fraud. Red-handed, the asset concealer can be penalized, made to pay their former partner’s legal fees, or lose half of such assets.
Tips to Avoid It: Be honest and transparent with your financial situation. Provide documentation of all sources of income, bank accounts, investments, assets, and debt.
Permitting Emotions to Overshadow Legal Choices
Divorce is an emotional process, but allowing anger, resentment, or unhappiness to guide your choices could ultimately be counter-productive. Others sabotage negotiations, reject good deals, or fight over minor issues in a spirit of revenge. These can lead to greater legal expense, emotional anguish, and negative outcomes, particularly in custody disputes where courts want to see maturity and cooperation.
Tips to Avoid It: Keep an eye on the bigger picture. Keep your feelings in check and depend upon your attorney for objective, strategic counsel.
Ignoring Tax Implications
Many divorcing couples overlook how their decisions will affect taxes. For example, selling a home or transferring retirement accounts without proper planning could trigger capital gains taxes. Changes in tax laws also affect how alimony is treated, and dependent treatment has a significant influence on future income tax filings.
Tips to Avoid It: Engage a financial planner or tax professional early in the divorce process. They will be able to draft agreements that minimize future taxes and ensure economic security following divorce.
Disregarding the Function of a Parenting Plan
Child custody is not just about where the children will live. A good parenting plan can include such items as which holidays they will share together, whose medical or educational decisions will be made, how contact will be allowed between parents, and how disputes will be resolved. If not spelled out, disputes will be unavoidable, and kids will get caught in the middle.
Tips to Avoid It: Create a holistic, flexible parenting plan with your attorney or mediator that considers the needs of the children and both parents.
