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Avoid these mistakes when preparing for divorce

If you are ending your marriage, you are no doubt experiencing emotions of all kinds, and you just want to put the divorce behind you.

You may be dreading the property division phase of the proceedings, but you must clear your mind and focus on doing the best you can to secure your financial future. Here are five common mistakes to avoid.

Being too agreeable

Being too agreeable in the hope of making the divorce proceedings go more quickly may cost you down the road. Do not agree to alimony or the division of marital assets until you understand what it involves. Remember the old warning "haste makes waste," and do not be in a rush to agree to the terms your spouse offers.

Not accounting properly for assets and liabilities

Part of your responsibility in the divorce is to complete a financial affidavit. Be very thorough in providing the information; make sure it is accurate. Otherwise, you may find that you are giving up assets you have a right to hold onto or keeping liabilities that should belong to your spouse.

Failing to keep tax consequences in mind

Do not forget about tax consequences. For example, if you agree to an offer of alimony, be sure you know what the amount will be after taxes. You will also receive certain assets in the settlement, and you need to pay taxes on some of these. Understanding the tax picture is especially important in a high-net-worth divorce.

Being too trusting

To ensure that all the marital assets are out on the table, along with any income that exists, prepare to delve further into your spouse’s financial dealings. In a high-net-worth divorce especially, it is not uncommon for one spouse to have more money. If you sense your soon-to-be-ex may be hiding assets, you may need to investigate.

Listening to the advice of your friends

Finally, well-meaning friends may want to offer you divorce advice. Do not listen. Rely on your legal team, which may include an accountant and a business appraiser. Every divorce is unique. Resolve to approach your own divorce with a cool head and a clear mind.

 

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