Archive by Month: November 2017

Why You Shouldn’t Handle Your Own Divorce Negotiations When You Have Multiple Assets

By November 30, 2017 Articles

Protecting assets is one of the primary goals for divorcing couples. There’s a wide range of personal and business-related properties that can be subject to equitable distribution.

Although assets that existed prior to the marriage will remain in your possession, those that were acquired during the marriage may be valuated and divided according to the court’s decision.

Trying to handle your own divorce negotiations can lead to common mistakes and significant losses. This is especially important for couples that have multiple assets to consider.

The following will help you understand how to protect your assets in your divorce so that you can make the best decisions for your needs.

Common Negotiation Mistakes in Divorce

In many cases, emotional attachments to marital assets make the divorce process more difficult. Individuals may struggle to give up their residence, collectibles, automobiles, and other items.

But emotional reactions get in the way of your ability to make the right decisions for the long term. Some individuals may choose to keep a home without realizing that they may not be able to afford it on their own once the divorce has been finalized.

Retirement accounts, insurance policies, and other factors need to be updated in response to the decisions made by the courts. Spouses must consider making any necessary changes to the beneficiaries named in these policies after a divorce.

Family law attorneys help clients make these changes at the right times to avoid any potential problems that could impact how assets are distributed in the future.

Divorce settlements can be insured in order to provide long-term protection for spouses who are granted alimony and other forms of support.

Making sure that your spouse’s life insurance policies cover your alimony or child support should your spouse pass away or be disabled is critical to you and your family’s wellbeing.

Financial Considerations in Divorce

Assets can be sources of additional expenses. For example, a home may require you to continue paying the mortgage, taxes, and ongoing maintenance or repairs.

Negotiating your marital assets without the help of a legal professional may cause you to overlook the additional costs of keeping certain assets after a divorce.

You must consider joint tax filings that require both parties to pay their share. Your attorney may be able to reduce the amount of taxes you need to pay depending on the factors related to your divorce case.

More importantly, you and your spouse may work together through your attorneys to reduce how much taxes must be paid. You may also need to estimate your current expenses when filing a case for spousal support.

The right legal and financial professionals can help you create a budget that demonstrates your need to maintain certain assets and receive any support that you deserve.

You may also need to pay taxes on those assets that are granted to you in a divorce. Stock assets and other investments must be valuated in order to determine how much should be distributed to each spouse.

This can be a lengthy and complex process for spouses who choose to handle their own divorce negotiations.

Getting the Right Settlement and Asset Protection

Settlement proposals may or may not meet your needs. Handling the divorce negotiations on your own can cause you to accept an unfair settlement.

A family law attorney helps you evaluate any proposals that are offered to you and the ways in which they can impact your financial future. Future costs related to medical expenses, retirement, inflation, and childcare will factor into the fairness of any settlement proposal.

The first step to negotiating your multiple assets in a divorce is to consult with a skilled family law attorney. Together, you can determine the best legal options to protect your rights, assets, and financial future.

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Protecting Your Lifestyle During and After Divorce

By November 9, 2017 Articles

The loss of financial resources impacts your personal and professional life. In some cases, a spouse may take steps to negatively impact the financial well being of their partner.

Spouses who aren’t working or earning significantly are the most vulnerable in contested divorce cases.

These cases should seek to resolve disputes amicably while avoiding costly and lengthy proceedings if possible.

Spousal support or alimony is often an issue that spouses don’t agree on. In many marriages, one spouse may be financially dependent on the other.

Working with an attorney protects your financial well being, lifestyle, and future. You’ll understand your rights under the law and be presented with the best options for your needs.

Protecting Your Lifestyle With a Legal Professional

Spouses may try to minimize the amount of spousal support that’s granted to the other party. You’ll have to demonstrate your financial needs and history of your spending in order to receive the support you deserve.

Gathering and presenting evidence is critical to achieving a positive outcome in your divorce case.

Working with an experienced attorney is the first step in understanding your rights and determining the best options for your legal needs.

There are many factors that determine the amount of spousal support you receive. These include your spouse’s current income, your ability to earn future income, and the standard of living established during the marriage.

Contributions from each spouse and the needs of each spouse and the children will also impact the court’s decision.

You will need a detailed analysis of your daily expenses and the spending history during the marriage.  Your attorney will use bank statements, credit card statements, statements from investment funds, tax filings, and other financial documents to determine your standard of living and help you establish proof of your needs for alimony.

Providing this information can be a complex and lengthy process. Your attorney will help you gather the information needed to secure the spousal support that allows you to maintain your lifestyle.

The more information you provide, the more likely you are to have the courts decide in your favor.

Inaccurate or missing financial records can hurt you in the end. So ensuring that you submit complete information according to the needs of the court is essential to the success of your divorce proceedings.

Want to know more about alimony and protecting your lifestyle?  Please contact the BKBM Family Law Group and ask for Charles Medlin, Erin Stone or Marilyn Kapaun at (770) 391-9100.

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