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When it comes to resolving a divorce case, it is almost always better to settle out of court rather than in engage in litigation. Still, if you are not careful or attempt to rush your way through the settlement process, you could find yourself dealing with an unfair outcome.
Below are a few of the most common divorce settlement mistakes, and how you might avoid them:
- Lack of preparation: You should have a complete, accurate view of your finances before you enter settlement negotiations, and you should understand how your financial picture will inform your negotiation tactics. You should also have an idea of the custody or visitation schedule you want and the assets that are of high priority to you during the property division process. Finally, be prepared to address questions related to these subjects.
- Not considering tax consequences: Too many people overlook the long-term tax consequences of a divorce. For example, how will you split the tax deductions for your children? You should also consider mortgage interest deductions, along with the tax impacts of any spousal maintenance or retirement accounts divided.
- Not leaving room for negotiation: You need to be at least a little flexible during negotiations. While you can start off with a best-case scenario, understand that you may have to negotiate to a compromise from there. Never start off by negotiating with your baseline, bare minimum demand.
- Letting emotions guide your decisions: Divorce can be a very emotional process. However, if you let your emotions dictate the decisions you make, you will likely lose sight of what should be your end goal: getting a fair settlement and minimizing costs.
To make sure you avoid these and other common divorce settlement mistakes, consult an experienced Minnesota family law attorney with Appelhof, Pfeifer & Hart, P.A.
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