There is a lot that is involved in divorce settlements (mainly financial settlements) which can overwhelm one or both parties. For that reason, it may be impossible to keep emotions out of the process. However, when this happens, mistakes are bound to be made and this could affect the entire process and the future of the couple. That is where the experienced services of San Diego Family Law Attorney come in; with expertise in all issues of family law including divorce, our lawyers have compiled several mistakes that you should avoid in a divorce settlement to ensure you get favorable outcomes.
Why is a Divorce Settlement Important?
Coming up with a divorce settlement provides certainty for the married couple. The document helps them make very important decisions, some of which could have been overlooked in the process of getting divorced. With certainty, the couple can move forward with their new lives after divorce with nothing to worry about.
If such an agreement is not in place after divorce, the couple will not know how to deal with the financial issues they face after the divorce. This makes it hard for divorced persons to move on with life. These issues arise because divorcees are people who were depending one another in financial matters and since they are no longer together, one party may find himself/herself making a claim against his/her partner when financial issues arise in the future. This may become problematic with the other partner especially if they have already moved on and remarried.
A financial settlement is a form of security for the children too because, with it, there is an assurance that they will be well taken care of even though the parents are no longer together. The document will show the custodial parent, the visiting parent and the child support matters.
With these and so many other benefits of a divorce settlement, it is important for the divorcing couple to ensure that they are doing it well to minimize problems that could make the divorce process even harder than it is. Again, some mistakes can be very costly, affecting the couple so many years after their divorce. What are some of these mistakes? We have compiled the most common mistakes that we experience in California divorce settlements.
Rushing to Hire an Attorney
When a couple decides to end their marriage, or when one aggravated partner feels that they have had enough, the first thing that comes to everyone’s mind is hiring a divorce attorney. This could be because the couple wants to end the marriage fast to move on with their lives. While this may sound okay for a lot of people, rushing to hire an attorney is not always a good idea. Since this is the person that will represent your financial and legal interests, it is always good to shop around to ensure that you are working with the right person.
Conduct some research before hiring an attorney. You could ask your family or friends for referrals, just to be sure that you are working with the best attorney. There are several things that you have to consider before settling on a specific attorney:
- Qualifications: choose an attorney who has the right qualification in family law matters for proper advice and support
- Experience: an experienced family law attorney will be able to handle your case professionally to ensure that all your interests are met by the end of the divorce
- The cost: lawyer fees differ so much from one attorney to the other. Some attorneys will charge on an hourly basis while others will have contingency charge or a flat rate for all their services. Some offer free consultation services while others will charge an expensive initial consultation fee. Before making the choice, you need to know the approximate legal charge for all the services the attorney will render. Ask about any additional fees that may come up in the process. Does the attorney allow for any negotiations and does the fee match your budget?
Remember that in most cases, legal fees are charged according to the experience of an attorney; more experienced attorneys will charge a higher fee. However, there are advantages in working with an experienced attorney, such as a much quicker and efficient process.
Becoming the Financial Victim
In some families, one spouse is usually left in the dark on matters that pertain to finances. This may not be a problem to them when they are still in the marriage but can be a big financial mistake if they remained in the dark during divorce. It is possible to find one spouse handling all the family's financial divisions, leaving the other spouse without any information about how much assets and income the family has. This could be a problem in the divorce settlement because the other partner could have a biased advantage over his/her partner when settling their financial issues.
If you are planning a divorce or you suspect that your partner is planning for it, it is important to gather as much data as you can about your family financial situation. It is advisable to have duplicates of all important business records and account statements such as savings accounts, retirement, and brokerage accounts. Also, ensure you have financial information about anything that concerns to your family, such as tax return documents, charge card reports and brokerage, and savings accounts statements.
If you have information that your spouse is planning to sell or change ownership of any asset without your consensus, you can always notify the owner of that property or asset in writing, then get a restrictive order from a court to prevent the same. Be on the lookout at all times, to ensure that everything remains intact, including any cash you might have in your joint brokerage or checking accounts or even the monetary value of all insurance policies.
Note that some people move assets without the knowledge of their spouses just so those assets cannot be included in the family assets in divorce settlements. If this happens, a legal accountant can help you locate those assets as well as tell you exactly how much they are worth.
Rushing for Litigation
Once again, making rushed decisions during divorce settlement is always a major mistake that should be avoided at all costs. It is always good to start by evaluating your situation and the kind of relationship you have with your spouse before you go to court. Fortunately, there are other options available for couples seeking to end their marriage. Research about them and understand how each will benefit or impact your life.
In place of litigation, there is always mediation, which a lot of couples who are already fighting are not usually ready to consider. While it could be hard to sit down and agree on something with someone you have been fighting with, mediation is usually a better way out for a couple that wants to settle things faster and effectively.
It helps a lot if a couple can agree to work together to plan a fair divorce settlement on most of the issues in their divorce, for instance, child support, child custody, payment of alimony as well as property division. This will save them a lot of time in court since they don't have to wait for the court to decide the matter for them.
Again, mediation can save the couple a lot of money in terms of legal fees. Divorce is already a costly affair, whose fees can escalate if the couple continues fighting. Mediation will also save the two parties a lot of emotional aggravation. With the help of a professional mediator, both parties can be made to understand that agreeing out of court is best for both of them in the long run. An experienced family law attorney can meet you and your spouse as many times as you need to help you come to an agreement on all or most of the issues in your divorce.
However, always remember that mediation is totally voluntary. Both parties have to agree to go for mediation for the process to work.
Another advantage is that mediation gives the couple the freedom to choose what they feel is paramount for their family. There is a lot of flexibility allowed in this, and so, the process could yield more satisfactory results than a court trial.
Holding Grudges
Divorce is emotionally draining for a couple that has so many unresolved issues. Considering the many causes of divorce in California, it is possible for one or both parties to hold a grudge over the other, which may affect the process if this grudge is manifested and used in the divorce settlement. It is, for instance, possible to have one partner trying to punish the other in the divorce settlement. While this party may have valid reasons for wanting to do that, this might be a mistake that could cost both of them in the long run.
To punish their spouse, one partner may decide to hire a combative attorney without realizing that they might end up suffering the consequences of that punishment for a long time in their life. An aggressive attorney may give your spouse a hard time during divorce proceedings but remember that the court will not punish any of you financially even if one or both of you were a bad person in the marriage.
Again, such a move may end up costing you more than it should. A combative attorney will definitely charge you more and will need to work extra hours just to appease all of your demands. This will increase the divorce costs significantly, which automatically means that you will have fewer assets left after the divorce process is over.
It is advisable to try keeping emotions out of the process if the couple wants to enjoy a smoother process. Divorce will be hard for both parties, even if the reason for it was brought about by one party. An experienced attorney will want you to treat the divorce settlement as a business arrangement. Once it is over and you are living well, you will have gotten your revenge.
Getting Emotionally Attached to Assets
It is possible for a person to get emotionally attached to some of the things they own, which they are forced to give up in the divorce agreement. The car, the home you have lived in for years, a valuable painting you bought sometimes back or other assets you have worked so hard to acquire over the years will be hard to let go. This will be even harder if you feel that your partner is less deserving of them and this could make it hard for you to make the best decision for your family.
Sometimes, a spouse who is so much attached to the home does not even realize that they will not really afford it. There are so many costs to consider when you are finally given that home, such as property taxes, the mortgage and home repair and maintenance fees. Before realizing that, the spouse may fight so hard just so the other spouse will not end up with the home.
It is good to have a clear perspective in all this so as not to make mistakes that you could come to regret afterward. Remember that the property market fluctuates every now and then and that home you think is so valuable may not cost so much in the future. The car you are fighting so hard for may not be worth the retirement plans you are giving up in the future. The business you so much want may not do as well as it is doing at the moment under your management.
Be flexible and let go of all emotional attachments you might have to assets. Allow your attorney to advise and guide you so that by the end of the divorce, you will have maximized your finances to ensure you have enough money to face the uncertain future.
Overusing the Services of a Divorce Attorney
Considering how stressful divorce is, some people end up relying heavily on their divorce attorneys even for emotional support. After all, the attorney may be the only one who understand what you are going through. The reality of the matter is, divorce attorneys charge every time you call them up for help and support. Their hourly costs can go up to $450 an hour, which means that you might end up paying a lot more if you are over-dependent on your attorney's help and support.
Also, remember that a San Diego family law attorney will only provide advice that pertains to the divorce. He/she is not a therapist or a financial planner and so, you may end up paying more without really getting the kind of help you are seeking. Talking to the right professionals will save you money on additional lawyer fees and ensure that you are adequately helped with whatever problem you might be having. Also, try to reach an agreement with your spouse on assets distribution before even seeking external help.
Failure to Understand Equitable Distribution of Assets
There is a misconception that equitable distribution in California divorce settlements means that all family assets and finances will be split up in the middle, and each spouse will go away with half of it after the divorce is finalized. This is true to some extent, but it all depends on the financial situation of each partner at the time of divorce. If for instance one spouse does not have a job and does not have sufficient skills to get a good job at that time, the court will award that spouse more assets to give him/her equal standing with the spouse with a job/better skills.
There are several factors that a judge will consider in determining the case between a couple that is unable to agree on their divorce settlement:
- The power of each spouse to earn an income after divorce
- The physical and emotional health of each spouse
- The amount of money, effort or skills each spouse contributed to acquiring the family assets
- The amount of contribution each party made to the education and earning power of the other spouse
- The value of any separate asset each spouse might have
- The future financial needs of each spouse
- Premarital agreements if there are any
Find a San Diego Divorce Expert Near Me
The issue of divorce can be confusing for any couple. The overwhelming divorce process and the emotional distress that comes when one realizes that their marriage is slowly coming to an end can cause a person to make so many mistakes. Unfortunately, most of the mistakes that one makes in divorce settlements end up costing them a lot more during and after divorce. Understanding these mistakes and how you can avoid them is important for anyone that is getting divorced. Call the San Diego Family Law Attorney at 619-610-7425 to talk to one of our experienced divorce experts and avoid common mistakes.
