The Most Important Mistakes to Avoid During Divorce
As attorneys who regularly represent clients who are going through a divorce here in Florida, we consider it to be of vital importance to ensure that our clients understand the most important mistakes to avoid during the divorce process. Below, we discuss some of these mistakes in greater detail:
Be Cautious & Careful When It Comes To Social Media
First and foremost, be careful—and cautious—on social media. Boasting about your new life—salary, trips, etc.—can only negatively affect your proposed settlement.
Gather As Much Information as Possible ASAP
You also want to make sure that you gather all of the important paperwork in place before it’s too late and if you have to ask for it from our ex, down the road. Some of the paperwork includes information covering:
- Account numbers and balances for financial accounts;
- How much you paid for certain assets, such as the family home;
- Receipts documenting any major expenses, such as funds spent on home improvements; and
- Social security benefits for you and your ex, including current and expected future earnings.
These documents are not only essential to the current divorce settlement process, but they help you and your attorney figure out what makes sense in terms of negotiations. For example, alimony negotiations might be affected by spousal survivor benefits from Social Security in 25 years. The more information you have now, the better you will be able to predict current and future tax consequences, and all of that affects what you demand and give up in the now. For example, a Roth IRA is worth more than a traditional IRA because it is untaxed in retirement. In a nutshell, one of the biggest mistakes you can make is being in the dark when it comes to your finances.
Close All Joint Accounts
Closing joint accounts is another very important task you want to take care of. Regardless of what your ex promises, you are responsible for any and all joint debts, and you are liable so long as your name—and their name—is on any account. Not only should joint accounts be closed, but authorized users adjusted for each credit card, and any agreed-upon debts assigned to the individual who plans to pay them.
Choose the Right Florida Divorce Attorney
When it comes to making wise decisions during your divorce, you want to work with the very best divorce attorney you can find—someone who has a lot of experience practicing divorce law locally, and predict every surprise and consequence that might come along so that you are protected every step of the way. Contact our Florida divorce attorneys at HD Law Partners today and find out more about our skilled legal services.
Resource:
southbendtribune.com/news/business/nerdwallet-divorce-mistakes-that-can-cost-you/article_5a9f6d91-0bd6-5fb7-a811-517538347a45.html
https://www.hdlawpartners.com/the-top-common-but-costly-financial-mistakes-to-avoid-during-divorce/
