Pitfalls to Avoid when Divorcing
It is important to know the common mistakes made during divorce so you do not sabotage your own case or settlement.
Divorces can be difficult and emotions often run high throughout the process. This is particularly true when the couple has accrued a high net worth or when there are children involved. The tension and stress involved in these cases can sometimes cause people to act too quickly or to avoid taking action altogether. When this is the case, it causes some people to make mistakes that will have a negative impact on their final divorce judgment or settlement. It is important to know what these pitfalls are, so you can avoid them in your own divorce.
Not Considering Alternatives
Many people think that to get divorced, you have to go through litigation. However, there are many disadvantages to this method of divorce. It is more expensive, it takes longer, and a judge will ultimately decide the terms, often without considering your preferences. There are many alternatives to litigation, though. Mediation and collaboration are just two of these. With either of these methods, both sides are fully heard, and they work together to try and come to an agreement. These methods not only make divorce proceedings faster and cheaper, but you will also have much more say in the final terms.
Hiring an Attorney Who Makes Empty Promises
During a divorce, an attorney should try to get you the most favorable terms possible. This does not mean those terms will always be exactly what you want, though. If a divorce attorney guarantees that he or she can get you everything you want out of a divorce, then that attorney is not being truthful. Speak to an attorney who will work hard to get the terms most important to you, but that is also sincere. You can then expect that the attorney will be honest with you throughout your proceedings.
Failing to Consider Tax Consequences
There are many tax consequences that come with divorce. Selling the marital home, buying out a business, and spousal maintenance will all come with their own tax consequences. It is important to consider these in order to minimize the tax penalties as much as possible. A divorce attorney can explain what many of these are and offer possible solutions, or refer you to tax experts such as accountants or certified financial planners, on how to avoid a large tax bill.
Remaining Emotionally Attached to Assets
Divorcing couples sometimes become emotionally attached to certain assets. Those emotions cause a spouse to aggressively pursue certain assets, even when it is not in their best interests. For example, one spouse may be particularly attached to the marital home. Even though they cannot afford to keep it, they will fight for it tooth and nail during divorce proceedings. Once the divorce is over, if that spouse did keep the marital home, they may have to drain their retirement savings or other fluid assets just to remain in the home.
This is not a good strategy. It is important to let go of any emotional attachments to assets during a divorce. This will help protect you financially in the future and ensure you have the money you need once your divorce is finalized.
Not Hiring an Experienced Pearland Divorce Attorney
It is true that in the Lone Star State, there is no requirement that you hire a Texas divorce attorney to represent you during your divorce. However, it is important that you do. An experienced divorce attorney will advise you on the actions to take, and how to avoid the many pitfalls of divorce. An attorney will also ensure your divorce proceeds as quickly and as easily as possible. If you are considering divorce, call John Powell III, PC at (832) 850-6095 or contact us online to schedule a meeting with an attorney.