Divorce is often difficult to handle on many different levels. Still, it is important for the parties to allow cooler heads to prevail and make sensible decisions that are fair and beneficial. Most Conshohocken divorce attorneys know that many divorcing couples are so consumed by anger and resentment towards each other that they often make mistakes when considering the financial aspects of the divorce process.
The following information is provided to give couples who are going through the divorce process a few things to consider as they proceed with negotiations.
Do Not Hire a Combative Attorney to Try and Punish Your Soon-to-Be Ex
Hiring some hot-shot lawyer who is willing to go after your spouse with everything he or she has can be a very bad idea for a number of reasons. For example, it is likely that such an attorney will cost you more money in the long run because he or she will dedicate a substantial number of hours in an effort to “punish” the spouse -- which leads to higher divorce costs and takes away from any assets that may be available to you.
Failing to Properly Evaluate Settlement Proposals Could Cost You Dearly
When attempting to determine whether a proposed settlement is fair and something you can live with, you should be sure to carefully consider the impact the settlement will have on your fiscal situation in the future. Particular considerations should include income, living costs, assets, child support, taxes, investments and retirement plans, and medical and health insurance costs.
Emotional Attachment to Assets May Take Away From Your Long-Term Goals
Depending on the length of the marriage, you may have accumulated a host of paintings, purchased a wonderful home and watched your pension grow as the years continued to pass. Such assets can lead to intense and very emotional debates during settlement negotiations, which can, unfortunately, hamper your ability to make wise and appropriate decisions.
For instance, it is not uncommon for a spouse to fight to the end to ensure he or she retains the family home; however, the individual really can’t afford it, which can ultimately lead to using funds that were meant to go toward retirement to stay in the home you so desperately wanted to keep. Remember: the expenses associated with homeownership extend far beyond the mortgage payment. You will be forced to deal with property taxes, utility costs and repairs all on your own.
Watch Out for Settlements That Appear to be Too Good to be True
The harsh reality of divorce in most cases is that you and your children (if you have any) will likely have to change your way of living to a certain degree once the divorce is finalized. The settlement should be fair, but you should make certain that you verify any and all of the proposed numbers, especially if they are particularly high or low. You are also encouraged to obtain payments up front and work with a skilled attorney who can ensure that your legal rights with respect to the settlement offer are protected.
If you are going through a divorce and have questions or concerns about a settlement offer made in your case, contact Obermayer Rebmann Maxwell & Hippel LLP at (610) 825-3634 or use our online contact form.