Michael E Weintraub Esq even though couples get divorced for numerous reasons, typically, complications arise. On account of the division of the assets. Against the background of mental turmoil, resentment, frustration, and hurt financial decisions. Tend to be driven by emotions, as a result of which, the parties involved make poor financial decisions. Michael E Weintraub esq provides examples of some of the most common financial. Mistakes divorcing couples are inclined. To make and tips on how to avoid them.
Ignoring the Long-Term Implications of the Settlement
Because couples are usually emotionally and psychologically upset. Due to the divorce, they often fail to take into account the long-term implications of the asset division. For example, if one spouse retains the house, he or she will need to bear the mortgage payments. Maintenance, and repairs, property taxes, cost of utilities, etc. which is not the case. With the spouse taking ownership of the financial assets. You must evaluate the proposed settlement by estimating its impact on your finances. Because otherwise, it will affect your quality of life, warns Michael E Weintraub esq.
Michael E Weintraub Esq Not Considering Marital Debts
When getting a divorce, taking into account not both the marital assets and the marital debts. Will prevent one spouse from having to assume the liabilities. Credit card companies and lenders will hold both the partners responsible for any default. Which will impact the credit scores of both persons. It is best to settle all dues before finalizing the divorce so that the focus. Can be on the asset division only.
Attempting to Hide Assets is illegal, cautions Michael E Weintraub esq
Many times, spouses tend to hide assets so that they do not have to include them in the divorce settlement. However, an expert lawyer aided by an accountant will be able to uncover the truth. In no time by investigating the financial records. Moreover, hiding assets when getting a divorce is illegal, and apart from your having to pay steep penalties. For a fair and quick divorce settlement. It is best for all the assets to be declared upfront.
Michael E Weintraub Esq Not Insuring the Alimony or Child-Support Payments
If the payment of alimony or child support has been agreed upon, you should not take them for granted. Rather, it is better that you take out an insurance policy. To secure the income in case your ex-spouse dies or becomes incapacitated, physically, or mentally. You can request your spouse to invest in appropriate life insurance/disability policies to protect your rights. However, if your spouse is unwilling to incur this expense, you can arrange to divert. A part of the payments made for alimony or child support to pay for the coverage.
Divorces are messy from all angles, emotionally, legally, as well as financially. You mustn’t rush through the process to avoid making poor financial decisions that may end up in your receiving less than your fair share of the assets or harm your financial security.