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As you go through the process of negotiating a divorce settlement, it is crucial you carefully think through all of your decisions with the assistance of your attorney to prevent yourself from accidentally accepting a deal that could be financially damaging to you in the long run.
Here are a few examples of some of these common financial mistakes that occur during divorce settlement negotiations.
- Being overly stubborn: If you refuse to negotiate in good faith or are purposefully obstructive in the negotiation process, you are almost guaranteed to cost yourself a lot more money in legal fees.
- Not taking taxes into consideration: Most of the financial decisions you have to make in the divorce process will have a tax impact that you might not immediately consider. It is very important to factor these potential impacts into your decision making process.
- Failure to create a budget: You’ll need to create a budget that will reflect your projected financial situation after your divorce is finalized. This will give you a better idea of what you should be aiming for in your negotiations.
- Getting overly attached to assets: It’s understandable to have an emotional attachment to certain assets, especially things like a marital home or pieces of artwork. However, you cannot let your attachment to these assets cloud your judgment in the divorce process. If your attorney or financial advisor tells you it will be in your best interest to part with these assets, you should not just disregard that advice based on your emotions.
- Not carefully looking over settlement offers: You should very carefully read through any settlement offer you receive instead of jumping at the first offer you get.
For more tips to help you avoid some common financial mistakes in divorce, contact an experienced Minnesota divorce lawyer at Appelhof, Pfeifer & Hart, P.A.
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