Undoubtedly, the property division aspect of divorce is complicated. Since it is often an issue that brings out negative emotions like anger or a sense of betrayal, it is easy to make mistakes when property is at stake. Unfortunately, such mistakes can end up costing one spouse more than the other in the end.
Seeking solid legal guidance cannot guarantee an error-free divorce. However, it can give you the opportunity to avoid at least some of the costlier errors some couples make when divorcing in California. Continue reading to see three examples of property division mistakes that could leave you worse off than before your divorce.
Using social media
Discussing your finances on social media is a mistake many Sonoma County residents make. Since the information is public, your spouse's attorney can use your posts to show that you deserve less property than your spouse does.
Overlooking tax consequences
Most divorcing couples never stop to consider the tax consequences of assets such as retirement accounts or investments. While it may seem like a good idea to hold on to an investment now, it could cause tax problems for you down the road. Talk to a lawyer about these issues before your divorce is over.
Lack of documentation
Many people do not know how important is to keep financial documents related to your marriage, even years after it has ended. Having documents like a record of your spouse's earnings and the money spent on major marital assets (e.g. real estate) can help you during property division. It can also help you when it is time to retire.
Getting professional legal advice about the financial side of divorce is always a good way to avoid making errors that will have a lasting effect on your life.