A matrimonial divorce settlement is NOT an exact science. If a financial Tarrant County Divorce Lawyers settlement was a straight mathematical equation, we wouldn’t need courts and lawyers to resolve matters. Courts are usually required, under Family Law legislation, to take into account a range of factors in deciding who gets what. Too many women settle for a 50% split of the matrimonial property WITHOUT taking into account matters such as significant disparities between what your husband earns and your own weekly /monthly income and any restrictions your age or health might have on your capacity to earn income.
Another mistake is letting the other spouse retain the matrimonial home EVEN IF you have the ability to buy him out. Real estate property has a habit of increasing in value without you having to do anything. If you pass this up and your spouse pays you out then the problem often is that you don’t then have enough money to purchase a property of your own. Deposits, stamp duty, legal fees, etc. can put buying another home out of your reach. You’re left paying out dead money in rent.
While not as common a mistake, some women will seek to keep the matrimonial home when they really CAN’T afford to financially. If buying out your husband’s share in the house is going to involve you taking out a big loan, you need to factor in the monthly loan repayments PLUS outgoings such as rates, building insurance, public liability insurance, and general maintenance costs. Only then will you know whether or not you can actually afford to keep the house.
Failing to take other matters such as alimony and child support into consideration BEFORE agreeing on a division of the matrimonial property is another problem. These are NOT matters that should be dealt with in isolation.
It is the current value of the property that is taken into account – not the replacement value. This means that if the family car is worth $10,000, it is often better to keep it. Too many women find themselves needing a vehicle to get the kids to and from school, football training, etc., and having to spend twice what the family car was worth just to replace it. The same mistake is sometimes made when it comes to marital furniture and its effects. They are usually secondhand (even if only recently purchased) and therefore are not worth a lot of money. For example, the fridge that you paid $1,000 for new may now be only worth a few hundred dollars. Keeping the bulk of the furniture (if it is in good condition) will avoid you from having to pay a lot more money to replace it.
Property settlements may sometimes be amicable but this does not mean they are fair. Do not accept the inflated financial values your husband is likely to put on the property that you want to keep and the low value he’s likely to put on any property he actually wants to keep.
It is surprising to find women (and sometimes men) arguing over the little things. By this I mean, fighting for items of little financial worth. It’s pointless paying hundreds of dollars in legal fees disputing who is going to get a $50 wedding vase or a $150 stamp collection.
Another mistake is overlooking other assets such as boats, trailers, machinery, pensions, retirement funds, stocks, shares, and life insurance as matrimonial property and/or financial resources.
Too many women believe that if they go “soft” on their property settlement entitlements, their husband will be easier to deal with as regards the children. This approach rarely produces the desired result. The only real outcome usually is that your spouse perceives you to be weak.
Another very common mistake is seeking divorce financial planning advice from a lawyer instead of a financial planner. What do lawyers know about financial planning? The answer is, not much. If you have to consult with a lawyer make sure they are Tarrant County family lawyers or Tarrant County family law attorneys who specialize in divorce as opposed to a general practitioner. When it comes to your financial future consult with Tarrant County divorce lawyers who can assist you in meeting your short and long-term objectives.
The final mistake I’ll mention is the lack of understanding many women have of their actual entitlements under the Family Law Act 1975 (Cth). Far too often people don’t understand their rights, which results in them being taken advantage of by their former spouses and/or his legal advisors. Make sure you are across all relevant facts concerning property settlement BEFORE you enter into negotiations.
By being aware of these 12 mistakes, you can make sure that your divorce planning is on track and that you’re not making any of the common errors many women make in this area. Investing time and effort now will pay off in the future. If you have questions or need more information about divorce financial planning, it is a good idea to engage the services of Tarrant County family lawyers or divorce attorney north richland hills who specialize in divorce and can provide you with sound advice. Armed with knowledge and professional advice, you will be well-positioned to secure an outcome that meets your needs both now and into the future.
Another very important point to remember is that a divorce settlement should be the end of your involvement with your ex-wife, not the start. It is in everyone’s best interests if you can move on and create separate lives for yourselves. This will ensure that both parties are able to build financial stability and independence without any further acrimony.
I hope this article has been helpful in understanding some of the mistakes women make when it comes to divorce planning. As always, it is important to seek professional advice from Tarrant County family lawyers or Tarrant County family law attorneys who specialize in divorce if you have any questions or need more guidance on how best to approach your situation. They will be able to provide personalized advice tailored specifically.
Some women get sucked into believing that reaching an informal agreement with their husband that is legally binding. It isn’t – even if it’s written down and both parties have signed it.
Finally, too many women simply give in to their husbands because that’s what they’ve always done. Now is the time to stand up for yourself. You are facing separation and divorce, which means that more than ever before, you need to be primarily concerned with your financial future!