There is no doubt that going through a divorce is not easy. It is a stressful situation to be in and many times this can distract the couple from making the right choices. However, this is not surprising considering the emotional, financial and practical issues that are part of the divorce proceeding. There are many couples that end up making some common legal-blunders that they could have avoided.
Agree to an early settlement
Many couples are hasty and agree to an early settlement without realizing the financial repercussions this can have. There is no doubt that you want to get out of your bad marriage, but you should not do it so quickly so as to lose your financial security. You should carefully make copies of all important financial documents, such as credit card statements, savings accounts-statements, tax forms, pension statements, mutual fund statements and anything else you may have.
Get deeper into debt
There is no doubt that divorce can be expensive, with you spending large sums of money on lawyer’s fees and setting up a new house. While it will be tough to make ends meet, you need ensure that you have a nest egg in place to settle your legal bills and court costs. Do not depend on your alimony or marital property share to settle your bills. You should be able to manage with the funds you have for legal proceedings.
Forgetting to change your will
If you are getting divorced and your spouse is named the beneficiary, ensure that you change your will and name a different beneficiary. If you die before the divorce is finalized, your spouse will receive all the assets and money as the legal beneficiary. Also, remember getting divorce does not revoke a will automatically so change your will the moment you start divorce proceedings.
Divorce papers can be filed in a number of ways: you can enlist the help of a divorce attorney, hire a Legal Document Assistant to help or file the papers on your own. Many people prefer to use the services of Legal Document Assistants or file the divorce papers on their own to save money. However, this is only an option if you and your spouse have already made a decision about child custody and distribution of property and are in agreement.
If you are divorcing your spouse, they may be eligible to certain benefits such as social security benefits, disability benefits and alimony, depending on the length of time that you have been together and your spouse’s age. There are cases when alimony payments can easily eliminate social security benefits.
The social security benefits are not actual property, but because they are received as a form of income they are normally targeted during divorce due to the fact that they are considered an asset that should be redistributed. Though the benefit may be for a single partner that may be having a disability, the other partner can still go for the funds even when they have no disability themselves.
If you are filing for legal separation you should also know about all the factors involved. There is a stark difference between being legally separated and a separation. The latter refers to you and your partner living separately for a while to cool down while, with the former, the courts will have to move in and a judge will declare the separation as being recognized by law even if you are still married.
Residents of California are a bit fortunate when it comes to issues of divorce and settlements after divorce because the state offers its residents California legal help. This means that if you live in California and want to divorce you can get help from the state offices about your legal rights through various agencies such as California file tax returns and state controller office among others.