To Err is Human, to Inform yourself is… Smart

 There are many mistakes unsophisticated attorneys make while negotiating a divorce settlement. Avoiding these mistakes will help you
move forward without difficulty:
1. Ignoring or underestimating your expenses. Most people know exactly what they earn each month, but can’t explain where their money goes. Develop a realistic monthly budget and consider the reasonable cost of your future living expenses.
2. Keeping the family home. It’s often a very emotional decision whether to keep the family home, especially when children are involved. While it would be nice to remain where you’re comfortable and avoid the hassles of moving, staying put might not be the best financial decision. No matter how attached you are to your home, it’s critical to have a realistic sense of whether you can afford it, alone, for the long term. If you give up everything else in order to keep the home, and then find that you can’t cover the mortgage, property taxes, and maintenance, you may end up in serious financial trouble. You also need to consider how you can pay the capital gains taxes alone, if any.
3. Failing to immediately secure spousal support and child support payments with insurance. Your ability to collect alimony and child support is only as good as your spouse’s ability to pay. You can request, and the Court can order, that your spouse obtain disability and life insurance policies (or modify existing policies) to ensure that these payments will continue in the event of your spouse’s disability or death. Be sure to review the policies to make sure your spouse has made the proper designation(s). Understand that these policies won’t help you in the event of your spouse’s voluntary decision to stop paying. John Lite, State Farm Agent (661-713-0192) can get these plans into place for you immediately.  (And FYI every parent, regardless of whether they work or not, and regardless of whether they are getting divorced or not, should have life insurance).
4. Not understanding your liability for unsecured debt. Unsecured debt means consumer credit card debt. In most cases, if the debt was incurred during the marriage, it’s a shared liability no matter which spouse used the credit card. When you settle your divorce, you’ll divide responsibility for those debts. But don’t assume that the credit card companies care what your settlement says – they can still come after both of you for payment. The best practice is to pay off all debts before the divorce becomes final.
For more information on how to achieve the finest results in your divorce negotiations, contact 2014, 2015 and 2016 SuperLawyer of the Year, divorce strategist and attorney Denise Placencio at 877-317-8080. Your case, your children and your life deserve the best.