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A matrimonial divorce settlement is NOT an exact science. If a financial divorce 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 husbands 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? Divorce law Murfreesboro lawyers will advise you on your legal entitlements but they don’t know anything about investments and superannuation.
If you get the division of matrimonial property WRONG it can have a major impact on your lifestyle for many years to come. Divorce law Murfreesboro attorneys understand family law, but financial planners are better qualified to advise you on long-term financial security. Before agreeing to any property settlement make sure you consult both a lawyer specializing in family law murfreesboro tn and an experienced financial planner. It could be one of the smartest decisions you ever make!
This is especially important if there is likely to be an impact that either party’s retirement fund, superannuation or any other investments. Divorce Law Murfreesboro attorneys can only advise you on the legal aspects of a property settlement. Financial planners are equipped to assist you in working out how best to divide up your assets and liabilities so that both parties are better off financially in the long run.
So remember, even if you now have an agreement with your spouse about dividing up the matrimonial property, get some independent legal and financial advice before signing anything. A good lawyer will refer you to a reputable financial planner who understands divorce law Murfreesboro tn. Getting it right could be the difference between financial security and real hardship later on down the track.
It’s understandable that when getting divorced, the last thing you want to do is spend more money. But an independent divorce financial planning consultation can be worth its weight in gold. Divorce law Murfreesboro attorneys and family law Murfreesboro tn lawyers have a limited scope when it comes to financial advice. It pays to consult a trusted expert who understands your personal situation and financial goals before making any decisions regarding the division of matrimonial property.
Getting divorced poses enough emotional and physical stress without having to worry about long-term financial security as well. Divorce Law Murfreesboro attorneys can provide legal guidance but they don’t understand investments or superannuation which are critical components when it comes to dividing up assets and liabilities during a marriage separation. Divorce financial planning advice from a qualified and experienced professional can help you to make the right decisions for your future.
It’s common for Divorce Lawyer Murfreesboro to advise their clients to seek independent divorce financial planning advice before agreeing on any legal settlement. Divorce law Murfreesboro lawyers may be able to provide a referral to a trusted, qualified, and experienced financial planner who understands the complexities of divorce law in Tennessee.
Getting divorced is an emotional time and it’s understandable that you don’t want to spend more money on legal fees and consultations.
Some women get sucked into believing that reaching an informal agreement with their husbands 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!
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