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Costly divorce mistakes to avoid

| Apr 23, 2020 | NC

Many people in North Carolina understand that divorce is likely to be expensive. However, there are some mistakes that divorcing spouses make that could cost them a lot more than necessary. Avoiding some of these financial blunders may save people thousands or even tens of thousands of dollars.

One of the biggest mistakes that people often make is thinking that they need to litigate the entire divorce process. Though court proceedings are usually necessary at some point, many decisions involving the division of property can be worked out privately or with mediation. While negotiating the division of property, it’s also important to remember that keeping the house is not always the best financial move.

Many people fail to consider their new budget as a single person. Though the marital home may be valuable, trying to keep up with home expenses can get a newly divorced person into financial trouble. Another problem that some people run into is an unexpectedly large tax bill from the sale of a home. When considering how to divide the marital assets, it’s important to consider the tax impact from property that will be sold.

Dividing assets during a divorce can be very complicated, especially when the couple owns real estate or share ownership of a business. When they have young children together, there are even more issues to negotiate. A family law attorney may be able to help clients to pursue a divorce settlement that will leave them and their children in the best situation possible.