4 Divorce Pitfalls You Must Avoid At All Costs
According to statistics, somewhere close to 50 percent of all marriages fail and end in divorce. Even when a marriage appears to be a match made in heaven, you might find yourself in divorce court. Because of this, you need to be sure that you understand the process and take advantage of some practical advice. Sometimes, knowing what not to do is just as important as knowing what to do when it comes to going to family court. If you want to learn from others and avoid some costly mistakes, read this guide so you can steer clear of the pitfalls.
#1: Avoid Making Things Personal
In terms of business, nothing good happens from making decisions while angry. Make no mistake about it--going through a divorce is the same as dissolving a business. You will have to divide your assets and make decisions that will affect the rest of your life. In order to prevent ugliness and emotion from spilling over into the process, the two of you should go to counseling. This way, you can hash out any personal issues there, so that you're able to get closure and conduct business in the appropriate manner.
#2: Don't Neglect Your Tax Obligations
When in the middle of dissolving a marriage, the last thing you're probably thinking about is Uncle Sam. However, you should know that tax implications of divorce are very real. In the course of finding a divorce settlement, you will likely have to deal with capital gains tax on the money or property that you acquired. As you build a team of professionals to aid you with your divorce, make sure that you also hire an accounting professional who is versed in such matters. That way, you'll be able to account for every dollar and pay the necessary taxes on them.
#3: Don't Hire Just Any Lawyer
It is very easy to find a divorce attorney, but not all divorce lawyers are created equally. You will need to be sure that you hire someone who comes highly recommended. In seeking the best family attorney, you should check with your local bar association. You should also tailor your lawyer hire to your needs. For instance, if the biggest sticking point of your divorce is dividing parental responsibility, you'll need a family lawyer who focuses on child support and custody hearings. Contact Bahan Law LLC if you're looking for a family attorney in your area.
#4: Never Underestimate The Long-Term Costs Of Divorce
If you think that you have properly calculated the entire cost of your divorce, you should probably think again. In addition to filing fees and hiring an attorney, you will need to think about your changes in income and living arrangements, alimony and child support, economic inflation, losses from investments and more. This will be a costly experience, in addition to the average cost of divorce, which Forbes estimates to be between $15,000 and $30,000.
Use this information to avoid some of the mistakes that could cost you dearly during the divorce process.