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Your safety and well-being are our top priorities. Our office is open and staffed to serve you. We are taking measures to ensure that our office is thoroughly cleaned and safe for our clients. We will continue to offer our services via phone, email, and Zoom.

Understanding property division and other factors in a divorce

| Jul 18, 2014 | Divorce |

Couples in Brighton who decide to part ways have a great deal to consider when moving forward with a divorce. Divorce legal issues can be complex and what might sound like a good idea in the present isn’t the best plan for the future. When there is property division at stake and factors such as retirement accounts in dispute, understanding the various calculations that must be made can be a key to a satisfying and equitable division.

The number of people deciding to divorce is increasing and, with that, a larger number of older people are splitting. In many cases, women who were stay-at-home parents and housewives are unsure of what to look for when they negotiate a settlement. Tips that can help achieve a positive outcome include speaking to a financial planner who can dig through the finances of the spouse and determine how much of retirement savings a person is entitled to. Many will choose to take property over retirement assets. This can be a mistake as it could be preferable to simply sell the property and receive part of the retirement assets. Withdrawing from retirement funds such as IRAs can leave a person with significant legal expenses. It’s best to leave the funds alone. Those who were married for at least ten years and are 62 or older may have the right to take half of the other spouse’s social security benefits.

Going through a divorce is traumatic. With all the issues that must be sorted out as well as the emotional upheaval, it can be overwhelming. Some make the decision to try and get it over with as soon as possible and ignore important factors such as property division and retirement accounts. In some divorces, the couple is fighting over everything. In others, there is an amicable decision to part ways. Regardless, it is imperative to know how to plan the divorce before, during and after it is completed to avoid negative surprises.

Understanding the numerous options that are available when divorcing is imperative to long-term planning. Often, mistakes that are made during the negotiations cannot be undone and can damage a person’s financial future. The smartest investment that can be made is educational. To know how to move forward in a divorce, speaking to an experienced legal professional is a wise first step.

Source: Forbes, “The Big Money Mistake Divorcing Women Make,” Kerry Hannon, July 3, 2014

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