Mistakes to Avoid Making During Your Michigan Divorce

 Posted on December 27, 2018 in Divorce

A divorce encompasses almost every part of your life. It can affect your emotional well-being, your financial well-being, and your family life. There are many decisions you must make when you get a divorce and all of those decisions will affect you for many years to come. Even just one mistake can cause you to suffer negative consequences, especially when it comes to finances. Avoiding making mistakes can mean a lot less stress and a lot smoother of a divorce process. Here are a few common mistakes that people make in a divorce and how you can avoid making them.

Not Knowing What Assets You and Your Spouse Have

When you are getting a divorce, property division is important and one of the most important things is knowing what property you and your spouse actually have. Most of the time, one spouse will have the responsibility of handling the finances. You should make sure if that spouse is not you, you have a decent understanding of your finances and what you actually own.

Forgetting About the Tax Consequences of Your Decisions

Almost every financial decision you make during your divorce will impact your taxes in some way. Spousal support payments will be taxed, which may or may not be better than a lump sum that would be taxed. Child support payments can also change your tax consequences. It is important for you to understand what the tax consequences of your actions will be.

Attempting to Hide Assets from Your Spouse

This is not only rude but it is also illegal. When you file divorce papers, you are required to provide full disclosure of all of your assets. If you attempt to hide any assets from your spouse, the judge assigned to your case will not take it lightly and may rule in your spouse’s favor when it comes to property division.

Not Hiring a Farmington Hills, MI Divorce Lawyer

Every family is different and while some decisions might be good for some families, they might not be the best idea for other families. One of the ways you can figure out what decisions will be the best for your family is by hiring a knowledgeable and compassionate Oakland County divorce attorney. At Elkouri Heath, PLC, we understand how confusing a divorce can be, especially the legal aspects of it. We can help you understand the ramifications of your decisions so you can be sure you are making the best ones. Call our office today at 248-344-9700 to set up a free consultation.

Sources:

https://www.investopedia.com/personal-finance/mistakes-avoid-when-divorcing-over-50/

https://www.huffpost.com/entry/10-common-mistakes-people-make-in-divorce-and-how-to-avoid-them_n_55b91db5e4b0224d8834ecdc?ec_carp=128285825973144707