Unfortunately, there are two words that never describe any divorce – “cheap” and “simple.” Because of this, there are several financial mistakes men may make throughout the course of the divorce that they may up regretting later. Jeffrey Feulner, an Orlando divorce lawyer who specializes in men’s rights in a divorce, lists these common blunders men making during divorce proceedings and ways to avoid them. Leverage this information to make the divorce process as easy as possible.
Mistake 1: Not Keeping Proper Records
Make sure you keep track of all financial assets, including all bank accounts, future interest assets like pensions and stock options, and income earned prior to filing for divorce but received after, like work incentives and retirement fund contributions. If you aren’t already active in your finances, get involved so you aren’t caught off guard as the divorce unfolds. Finally, make sure you hire a certified public accountant to help you go through all your assets. Jeffrey Feulner, Men’s divorce lawyer Jeffrey Feulner, knows that money is one of the most difficult aspects to control during a dissolution, but proper bookkeeping can be a lifesaver.
Mistake 2: Messing Up Taxes
When determining assets’ values, don’t forget to keep track of how taxes affect that final total. Mixing categories of taxes means staying on top of how each category is applied. Taxes on the sale of land or a home, work differently than taxes taken from a traditional IRA account for example.
Mistake 3: Failing to Disconnect
Married couples often share accounts, house deeds, car titles, credit cards, debt, and more. Once you decide to divorce, begin to separate all those joint ownership assets as soon as possible. If you don’t, your ex can drain joint bank accounts or fail to pay mortgage payments for which you will be held liable. Check your credit report to identify all potential joint debts.
Don’t be caught unaware of financial traps and pitfalls a divorce sets in your path. Jeffrey Feulner tackles domestic violence charges, financial disparity cases, and all other divorce problems for men who aren’t always treated fairly in the system. Bring in the right experts to help you navigate this tough, emotionally charged time. The most important part is to be involved as the divorce unfolds and understand what your financial situation really looks like to avoid being taken advantage of.