Whether amicable or contentious, a divorce is both a legal and emotional process. It is important to reduce the risk of surprises after you finalize the divorce. One way to help achieve this goal is to avoid making some common mistakes.
#1: Letting emotions impact asset division.
It is important to step back and look at the asset division discussion as logically as possible. You may need to give up other assets to get a specific asset like a family home or business interests. Although you can do this fairly, it is important to ask yourself two questions first: is it the right choice for my future and is the split fair?
To answer these questions, look at the future expense that comes with the asset and make sure you an afford it. Also consider the value of the asset in question and the ones that are proposed for the trade to make sure the trade is fair.
#2: Neglecting the future.
It is important to look to the future when splitting assets. This requires more than just getting an idea of which assets you would need in the future. You must also consider the little details that are needed to better ensure a smooth transition. This can include setting up a system to track child and spousal support payments and a qualified domestic relations order (QDRO) if splitting retirement assets.
#3: Getting a boilerplate divorce.
There is no such thing as a status quo divorce. Every divorce is unique. A boilerplate divorce settlement agreement where you simply fill in the blanks is not a good idea. You can reduce increase control in the process by having a divorce agreement that is tailored to your specific situation.