A divorce settlement is a document that outlines the terms of the division of property, child custody, child support, and spousal support agreements. The terms of this agreement can significantly impact your future, which is why it’s so important to ensure the settlement is fair. Here are some of the most common divorce settlement mistakes you should avoid:
Underestimating the Value of Assets
Calculating the value of certain assets such as coin collections, antiques, art, and real estate is not easy. If you underestimate the value of these assets, this could affect how the assets are divided. You may end up agreeing to give your spouse a significant portion of the assets simply because you don’t realize how much they are worth. Prevent this problem by hiring a professional to appraise the value of all of your marital assets.
Failing to Discover Hidden Assets
Sometimes, one spouse will hide assets so they are not subject to division in a divorce. If this happens, the spouse that hides the assets will end up with a greater share of the marital assets. For this reason, it is important to hold off on signing a divorce settlement until you are sure that every marital asset has been disclosed to the court. If you suspect your spouse is hiding assets, a forensic accountant can help you uncover them.
Forgetting to Include Insurance Policies
Let’s say you will receive child support and alimony payments from your spouse after the divorce has been finalized. If your ex-spouse suddenly passes away, these payments that you are dependent on will stop as well. Fortunately, there is a way to easily avoid this problem. The settlement should include a term that states your ex-spouse must obtain a life insurance policy and make you the beneficiary. If this term is included, there’s no need to worry about making ends meet in the event that alimony and child support payments stop after your ex-spouse’s death.
Reaching An Agreement Without An Attorney’s Help
There is no law that requires divorcing couples to hire attorneys, but it is strongly recommended that each party seek legal representation. An attorney will protect your best interests and work tirelessly to obtain a fair settlement. Attorneys can also review the details of the settlement to ensure there are no terms that could negatively impact your future. Handling the settlement process on your own is a decision you may regret in the future.
Let the experienced attorneys at Williams Law Group, LLC help you avoid these divorce settlement mistakes. We will work tirelessly to negotiate with your spouse and reach a fair divorce settlement. Call our office at (908) 810-1083, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation.