Divorce can change your life and it’s different from other legal matters because it can bring up strong feelings like anger, sadness, and denial. Sometimes, these emotions can make people do things that harm their legal position in the divorce and worsen the emotional pain for everyone. Here are five mistakes that people often make during a divorce, and some tips on how to avoid them.
Avoid Using Your Kids as Bargaining Chips
The divorce process, while emotionally challenging for you, can be equally or potentially more distressing for your children. They are innocent participants in the divorce and should not be used as bargaining chips to gain the upper hand during the proceedings.Ā
It’s unwise to speak ill or influence your children’s behavior to inflict punishment on your spouse. Such actions may not only invite disapproval from the judge, but more critically, they could cause lasting harm to your bond with your children.
Speeding Up Your Divorce by Accepting a Settlement Offer
Going through a divorce is rarely a pleasant experience. Tensions and stress levels typically skyrocket. Sometimes, you might want to agree with your spouse’s property-division terms just to cut ties and move forward in life. However, this might not be the most advantageous decision for you.
You might inadvertently agree to settle for less, or commit to pay excessively regarding spousal or child support. You could also risk receiving less than what you are rightfully entitled to in assets. The future tax implications of your choices might not be immediately apparent, but they could have detrimental effects that persist for years. Seeking legal resources is paramount in ensuring that the division of assets and liabilities is done in a manner that is most beneficial to you.
Overlooking Tax ImplicationsĀ
An agreement resolving a divorce frequently includes splitting of shared property and determining child and alimony payments. In any deal involving the distribution of wealth and possessions, potential tax implications should not be overlooked.Ā
This is particularly true when the agreement requires the partitioning of retirement or pension schemes. If these considerations are ignored, you could end up with devalued property divisions or burdened with alimony payments.
Getting Remarried Before Resolving Financial Matters
One clear advantage of divorce is the opportunity to wed another person more suited to your preferences. However, avoid rushing into a new marriage as it can further muddle any unresolved issues from your divorce. Jumping into a second marriage before settling your divorce finances can have catastrophic consequences.Ā
If you enter into another marriage without finalizing a financial agreement, you risk forfeiting your right to apply for one later. This implies that you may be unable to claim any assets you were entitled to from your previous marriage. Consequently, you could end up empty-handed while your former spouse reaps all the benefits. Finalize the financial agreement promptly and ensure asset ownership has been transferred and the funds are in your account before you consider tying the knot again.
Take Charge of the Legal Elements of Your Divorce By Yourself
While it’s possible to self-represent and conduct negotiations with your spouse, this could potentially impact every area of your life. Predicting the long-term effects of divorce settlements is challenging, and the self-devised solutions you establish might lead to financial or other types of damage.
This risk is particularly high if your spouse has legal representation yet insists that you don’t require one, claiming they have no intention to exploit the situation. However, if your former partner is legally represented, have an attorney to advocate for your interests.
EndnoteĀ
Experiencing a divorce is always challenging, but with the avoidance of certain common errors, you can facilitate a smoother process. Familiarize yourself with the procedures involved in a divorce, control your emotional reactions, fully reveal all assets and liabilities, and refrain from hastening towards a settlement. This way, you’ll be more equipped to deal with the difficulties associated with divorce proceedings.