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Photo of attorneys Nicholas A Jones and Alyssa L Hawkins

Expensive mistakes during a divorce

On Behalf of | Feb 1, 2019 | Divorce

Emotions can be very high during a divorce in Alabama, but expressing them loudly either in person or online can be expensive. If one spouse claims that they cannot afford a proposed settlement but is then seen bragging about a vacation or great deal, they may lose their leverage in negotiations. Other types of over sharing emotionally can complicate divorce proceedings, including bragging about a new relationship or trashing an ex-spouse to others.

There are several other ways spouses can make divorce more expensive than it needs to be. A big mistake many people make is to not getting all their paperwork right. Missing account numbers, statements, and proof of major assets can affect both the nature of the settlement and the type of benefits a person can receive later in life. This can be a major problem during retirement.

Taxes can have a big influence on the value of assets far after a divorce settlement is completed. Some investments, like Roth IRAs, are shielded from taxes during retirement. Other investments in stocks may, however, be subject to huge tax wills when sold later on in life. In addition, couples are subject to different tax exemptions than individuals, so each party needs to think about this when deciding what to do with assets like homes or other expensive property.

When getting a divorce, some people believe that going to court is inevitable. However, an attorney may be able to help their client reach an agreement with their ex-spouse that doesn’t have to involve a judge. By coming to a compromise independently or through mediation, both parties may benefit. No matter how a divorce is processed, the lawyer’s responsibility is to advocate for their client’s best interests.

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