Are You Making These Financial Mistakes In Your Divorce Settlement?

1/22/18

Going through a divorce is a grueling, painful experience. But by not being financially informed and aware, that pain can be intensified, and felt for many years after the divorce is finalized. Conversely, a solid financial strategy and an attention to small details can make a huge difference and make divorce decidedly less awful. Here are some helpful hints to remember from your friends at Daytona Divorce Law.

Take Your Taxes Seriously

When it comes to taxes liable as a result of an audit on joint returns, both spouses share equal responsibility, regardless of who did what and when. This makes it essential to consult and work with an accountant or a financial planner as early in the divorce process as possible. Doing so can minimize the total amount of taxes owed by both parties, both during separation and after the divorce.

Have A Budget And Make Sure It’s Accurate

After years of cohabitation and shared expenses, it can be easy to underestimate living expenses when producing an initial maintenance budget and find oneself unable to pay one’s bills. Consult a financial planner to help you create a suitable and complete budget during and after the divorce.

Don’t Hire Malicious Attorneys To Punish Your Spouse

During divorce proceedings, emotions run high and the impulse to try and vindictively hurt a spouse can be hard to resist. Don’t do it. For one thing, barring extreme examples, most courts are not going to financially punish a spouse for not being a nice person. For another, hiring a lawyer to rake your ex over the coals can send legal costs soaring, meaning fewer assets overall to be acquired once the smoke clears. Act responsibly, be professional and remember that living well after your divorce is always the sweetest revenge.

Watch this space for more useful financial information in the future, and let Gerard Muriello, Attorney At Law help you save time, money and aggravation during your divorce proceedings.

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