Not-So-Minor Considerations that Will Matter during Divorce
Posted on: 6 October 2015
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Divorce is a trying and emotional period for both partners dissolving the marriage as well as the family. This is why most people make a lot of costly mistakes at this time. Many times, these mistakes lead them to feel like they got a raw deal or were unprepared for their divorce. To avoid such a feeling, several minor considerations can be made. With the help of a family law expert, you should carefully do the following during your divorce preparation and case period. Remember, your divorce case is not a chance for you to punish your former partner, but an opportunity to get what you deserve from the marriage.
Thorough assets inventory
A good family law attorney will ask you to have an inventory of all your assets and liabilities beforehand. This list should go beyond the obvious materials people consider as assets. The list should also include retirement accounts, mutual funds and stock accounts, life insurance policies, debts such as owed loans and credit card balances, mortgages and such. This thorough list will best aide you in determining whether you are getting a favorable settlement. Be careful not to get stuck with an item on your asset list that only costs you more in repayments.
Tax concerns
Every settlement results in various tax ramifications. A good family law expert will ask you to talk to an accountant and have them highlight the various taxes you will be expected to pay. When considering taxes, there are several questions you need to clarify to yourself for a better outcome. Some of these questions are which spouse will enlist the children as dependents on their returns? Will alimony or child support attract extra taxes? Will you be charged tax when selling your home? What returns will you file on the year of divorce finalization? All the above questions and more will help you better visualize the type of settlement that will best suit you and won't prove a burden in future.
Emotional considerations
Finally, family law is a greatly emotional part of the law. Many people make these decisions when greatly influenced by what they feel for their spouse or family as opposed to logic. When going through divorce, make the decisions with your lawyer and avoid emotional decisions like revenge. You should also try to avoid strongly relying on advice from other family members. Motivations such as getting back with your previous partner, pleasing your previous partner or even trying to hasten the process to get over the marriage are also not advisable. Instead, go into divorce seeking only what you think you, and your children if present, deserve and can get from the marriage.