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Avoid costly mistakes during divorce

On Behalf of | Feb 13, 2015 | Divorce

Individuals in California who are divorcing may be concerned about finances. Even between spouses who are not wealthy, legal fees in divorces can mount quickly when there are disputes over issues like division of assets and support. However, it is possible to take an approach to divorce that helps to keep costs down.

There are several common and costly mistakes that can be easily avoided. One is failing to be mindful of the hourly fees of attorneys. By keeping conversations with lawyers strictly on the topic at hand rather than diverting into emotional venting, individuals can keep their expenses reasonable. A lack of flexibility toward the other spouse can also drag out disputes in a divorce. This need for flexibility extends to issues around parenting. While some disputes about children are important ones, others are less so. Finally, individuals should endeavor to be open and honest about their finances.

There are a number of steps an individual can take to prepare financially for divorce. These steps include obtaining credit reports and understanding the worth of retirement accounts and other assets.

Individuals who are going through a divorce may find working with a lawyer helpful. Attorneys can be useful even when a divorce is amicable in order to ensure that all parties are protected. For example, two individuals with similar incomes may be divorcing, but one may have a significantly better retirement plan than the other. It may be necessary to prepare a plan in which retirement funds are distributed equitably. Furthermore, when children are involved, it is particularly important to make certain that agreements are documented. This documentation may help things run smoothly for years after a divorce is finalized and may be useful in the future if disputes over parenting arise.

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