Search Site
Menu
Examples of Common Financial Mistakes that Occur in Divorce Settlements

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.

Our Attorneys
Client testimonials
  • "Tori had a thorough understanding of my situation and made excellent recommendations to resolve my concerns. She was persistent on communication and handled everything in a very timely manner. I would definitely hire her again in the future if needed." - M.K.

  • "With Appelhof, Pfeifer & Hart, P.A., it is like having a family physician. They are all knowledgeable, thorough, comforting, and the only call I need to make for all my legal needs for many years to come. No matter what the matter, I totally trust their advice and commitment to me and my family." - J.N.

  • "Mary from APH Law helped me thru a difficult divorce. She and the entire staff was there for me every step of the way helping me on what to do next. They listened to what I wanted and helped me achieve what matter the most to me in the divorce settlement." - Dana C.

  • "I chose APH after my initial consultation with Mary. I felt my best interest would be represented. The entire process went excellent, the attorneys and staff communicated effectively and efficiently with me throughout the process as they needed to. Being new to the legal process and verbiage, they walked me and talked me through the next steps and the jargon, I felt completely comfortable and represented. I hope I never have to use legal services again but if I do I will call Mary at APH Law and know that I will be taken care of." - Jeff M.

  • "Divorce is a time of emotion and stress. Mary Pfeifer , My lawyer was professional and compassionate. She was very informative through the process. Her insight helped me in my decisions. She worked hard to obtain a settlement which was fair to both parties. Though, I hope I won't need her help again. It is reassuring to know a good person that is willing to help." - Rod S.

  • "I first came to Ms. Jacquelyn Lutz of Appelhof, Pfeifer and Hart in October of 2016. It was definitely the worst time in my life and she compassionately spoke with me about my options. Ms. Lutz thoroughly explained the laws, statutes, process and what to expect going forward. What was supposed to be one case, turned into three intricate cases that took a huge toll on me and my family. Ms. Lutz represented me in court on all three cases with a vast knowledge of the laws and how to proceed accordingly. During all three cases she kept me informed, calm, gave me resources to utilize, and (most important) gave me a realistic view of what may come next. Ms. Lutz knew each case required a great deal of knowledge and creative thinking on how to legally proceed forward with each case. My family and friends are forever grateful for the amazing representation by Ms. Lutz. I highly recommend Ms. Lutz for anyone needing or considering superb representation for any kind of family law. " - M.H.

AWARDS & RECOGNITION


superlawyers
Contact us

Quick Contact Form