Divorce does not always have to be a battle; there are times when a couple who are no longer comfortable being married to each other can continue to maintain a healthy friendship. When couples agree on all major issues associated with their divorce, it is usually easier and more affordable to pursue an uncontested divorce. However, it is possible that you or your spouse will make some crucial errors if you attempt a do-it-yourself (DIY) divorce. Watching out for these three things that can go wrong after an amicable DIY divorce can decrease your chances of having to deal with serious problems in the future.
Retirement Sharing
After decades of marriage, a man or woman who has been the primary breadwinner for the family may need to give a portion of his or her retirement savings to a spouse. While these transfers may seem straightforward, there are many problems that can occur when you attempt to transfer these funds without assistance. Dividing a retirement account incorrectly could lead to tax penalties for both parties or other financial issues that destroy the parties’ ability to receive their full share of saved retirement funds.
Issues with a Future Spouse
Just because you and your spouse are able to divorce without too much complication does not mean that your next divorce will go as smoothly. Individuals who marry and then remarry are more likely to get divorced. At the time of your own divorce, the prospect of a second marriage or concern about a future divorce is probably the farthest thing from your mind, but if your spouse gets divorced in the future, you could be affected.
If you and your former spouse have an informal agreement that is not properly documented or executed, the next ex may use your mistake to his or her advantage. Failing to protect yourself could lead to a future spouse withholding life insurance funds that you expected to receive if your former spouse predeceases you or you could end up on the financial back burner if he or she take syour former spouse to court.
Short Term Planning Causing Long Term Problems
A couple getting divorced without legal assistance may find themselves distracted by short term financial needs and goals. The desire to retain ownership of certain marital property, receive a portion of readily available assets, and move on can seem more important than long term planning. Failing to create a realistic budget or determine if you can truly afford the assets you are planning to part with can leave you in a precarious financial state for years.
Consult an Attorney
No matter how close your bond is with your spouse, consulting a divorce attorney is always in your best interest. An attorney who has represented clients during uncontested divorces in the past knows how to protect your legal rights without antagonizing your spouse. The team at Vayman & Teitelbaum is prepared to provide you with legal representation that is tailored to fit your unique circumstances. Contact us today to schedule a consultation at one of our offices located throughout the Atlanta, Georgia metro so that we can begin working on your case.
