Negotiating Your Financial Divorce Settlement
Divorce is an emotional, stressful time in a person’s life. It is also a time when permanent, life-altering financial decisions will be made. To successfully negotiate your financial divorce settlement, it pays to do your homework before you agree to settle.
Do not let emotional feelings cloud the settlement process. Although you and your spouse may have spent many happy years together before the marriage failed, this is not the time to let your feelings interfere in negotiating a fair and equitable financial settlement.
Remember that a 50/50 division of property is not always equal. Tax implications may affect many of the assets and their values in differing ways. For example, a house worth $300,000 may not equal $400,000 in stocks. The value of property or stocks will depend upon the housing and stock market at that time and may have future tax implications, as well.
When most couples divorce, the family’s largest asset is usually the family home. Do not let emotions rule in the decision of negotiating for the family home. You must ensure that you can afford the mortgage payment, taxes and upkeep of maintaining a home on your own before agreeing to take over the home in the negotiation process. Many times it is more sensible financially to let your spouse have the home or agree to sell the home and split the profits.
Pensions and investments can be some of the most valuable assets that a divorcing couple have. Before agreeing to settle on a division of these investments, have a trained actuary determine the true value of the investments for if you do not, you may be missing out on a great deal of money in your financial settlement.
Finally, it is very important to ensure in the settlement that a soon to be divorced spouse who will be paying either child or spousal support carry life insurance to fulfill future support obligations.
When you have made the decision to divorce, an experienced divorce attorney can assist you in successfully negotiating your divorce settlement. The distribution of wealth after a divorce can profoundly affect your future. To assist you in reaching a fair financial divorce settlement, contact a competent, knowledgeable Orlando property division lawyer.