While ending a marriage is an emotional event for many couples, allowing emotions to cloud an individual’s judgment could lead to major mistakes during divorce settlement negotiations. For instance, not putting everything into writing could cause one party to the divorce to renege on a verbal agreement. An example could be a parent failing to pass an asset to a child because he or she is under no legal obligation to do so.
Another potentially large mistake is to not have a good understanding of household finances. That could make it easier for one person to hide assets or cause one party to make concessions without having any basis to do so. Prior to a divorce, it may be worthwhile to ask to see a list of accounts or past tax returns to get a better idea of the couple’s financial situation.
Those who are going through a divorce may wish to have a good accountant and legal adviser to help them during the proceedings. Doing so may make it easier to negotiate the best settlement because there will be someone who can answer questions or provide timely legal advice when needed. A good team comes in handy if there are valuable assets to divide or other more specific issues to address.
Even if a couple had previously entered into a prenuptial agreement, it may not always govern. The agreement could be challenged in court or not account for a change of financial or other circumstances experienced by one or both parties. Therefore, the advice of a family law attorney may be beneficial in order to come to an appropriate settlement agreement..