It's no secret that divorce can be cost-prohibitive, especially in contested cases where the parties disagree on how to proceed and must attend court to resolve their differences.
Today, we're exploring some of the most common financial mistakes divorcees make - and how you can avoid them. For help with your divorce case from an experienced attorney, contact us online or via phone at (718) 215-0121.
Underestimating Marital Property
Many people underestimate what percentage of the property they own will be considered "marital" during property division. Unless you have a marital agreement stating otherwise, the vast majority of property you have acquired during your marriage will probably be considered marital, and such may be split between both parties. This can even apply to debts accrued by one spouse under their name only.
Speak with your lawyer to assess your estate and determine how much of your property will likely be considered marital during your divorce.
Failing to Consider Alternative Dispute Resolution (ADR)
Many people immediately move to litigate their divorce in court, but considering other paths forward - such as mediation - can be dividends (literally).
Using ADR to resolve a marriage is often significantly less expensive than litigating it in court. Ask your lawyer if ADR could provide a more effective path forward in your divorce.
Fighting for Assets You Don't Need
The classic example of this pitfall would be fighting tooth and nail for a marital home that you may not even be able to afford post-divorce.
Many people get caught up in their emotional attachments to property, and end up waging costly battles over assets that they just end up getting rid of post-divorce.
Failing to Account for Taxes
Your tax situation could change considerably post-divorce, especially in a high-asset divorce. Talk with your attorney and accountant about what to expect from your divorce to ensure your expectations are correct.
At Levi Divorce & Family Law Attorneys, we'll work with you to ensure you pursue the best path forward in your divorce. To schedule a consultation with our team and receive the legal counsel you deserve, contact us online or via phone at (718) 215-0121.