The financial aspects of divorce are daunting and can affect your life for several years after the divorce is finalized. Those who are unable to find a way to settle their divorce fairly often experience even greater financial difficulties caused by a drawn-out divorce process along with the ramifications of receiving an unfair settlement. While not all divorces are fair, there are ways to increase your chances of leaving a marriage with a reasonable amount of money and assets. Keeping these four ways to settle a divorce fairly in mind when you start negotiating will help you navigate a difficult experience.
Learn About Your Legal Rights
A divorce is extremely personal, but it is also a set legal process. Understanding your legal rights ensures you will not agree to anything that inadvertently strips you of things to which you are entitled. This is especially important if you have small children and are negotiating custody. Never assume that you are or are not legally entitled to custody, assets, or other marital property.
Determine Your Expenses
Money plays a crucial role in any divorce and if it does not, then one or both spouses may find themselves in a major bind in the future. Once a divorce is finalized your household usually goes from being a two-income home to one income household. If you were not employed during your marriage, then you will need to find a way to support yourself financially after the divorce is settled. Determining what your expenses as an individual will be helps you negotiate a settlement that allows you to manage financially once your marriage has ended.
Check on Marital Debt
Once you become legally entangled with another adult through marriage, you may become responsible for the debts acquired during the marriage. Prior to making any agreements with a spouse, check your credit and get a statement of your spouse‘s current finances to find out how much debt he or she has accumulated. The last thing any person wants to do is agree to a divorce settlement promising to pay half of the marital debt without knowing exactly how much that debt is. A newly divorced person also does not want to be blindsided by foreclosures, repossessions, or other collection actions that stem from credit accounts acquired during the marriage going into default after the divorce.
Consult an Attorney
Before initiating a divorce or agreeing to any settlements, always get the advice of a qualified division of property attorney. An attorney can work with you to make sure your assets are fairly divided during the divorce. The needs of everyone are different, meaning every person getting a divorce benefits from getting advice from his or her own legal counsel regarding a potential divorce settlement. The legal team at Vayman & Teitelbaum can help to determine what property is considered marital assets and what settlement terms are best for you in the long term. With multiple locations throughout the Atlanta metro area, we are able to meet with you at a time that is convenience to you. Contact us today to schedule your initial consultation.