Resolving a complex or high-asset divorce is no easy task. The consequences from the ensuing negotiation or litigation can have consequences that affect the spouses for years to come. When any mistake can cost you dearly during your divorce, you want to be sure to avoid as many mistakes as possible. Here are five common divorce mistakes to try to avoid in your divorce:
Ignoring the long-term consequences of a settlement
While a large upfront settlement may seem more appealing than a lifetime of monthly payments, consider what is at stake. If you are looking at lifetime payments, think about you many payments you could expect to receive over the rest of your life. A lump sum can be tempting, but consider how much use the money will be at this time, compared to how useful lifelong compensation may be.
Committing yourself to assets
A prized boat or your family home may have a lot of emotional ties, but they are just possessions at the end of the day. If your spouse knows how committed you are to an asset, they may use that as leverage against you in negotiations. A $90,000 boat may result in you losing $300,000 in other assets.
Not getting alimony insurance
Most people may not be aware that you can get insurance for your child to support our spousal payments. With this insurance, if your ex-spouse should pass away unexpectedly, you will have a way to recover the payments you would have received for years to come.
Only negotiating for one settlement option
During negotiations, it is vital to keep your options as open as possible. Create several negotiation options to pursue during your divorce. For example, you can create negotiation options to include keeping the house, letting your spouse keep the house, or the two of you selling the house and splitting the money.
Divorcing without an attorney
If you are going through a divorce, you will need an experienced attorney to defend your best interests. Even in uncontested divorces or mediation divorces, you are still at risk of agreeing to something that may harm you in the long run. Whether you are preparing to start a divorce or are in the middle of things already, now is the best time to speak with an attorney to get the help you need to avoid making mistakes in your divorce.