Divorce is not an exact science. When proceeding with a divorce, the courts are required to take into account a whole range of factors when it comes to splitting matrimonial property, matrimonial support and child support.
Oftentimes, women in this situation will settle for less than they deserve simply to avoid the complications of a lengthy divorce.
If you are facing the prospect of planning a divorce, here are some mistakes you should avoid:
1. Settling for a 50% Split of the Matrimonial Property
Before accepting 50% of the matrimonial property, you need to take into account any significant disparities between what your husband earns and your own income. If there are any restrictions that can affect your capacity to earn income, such as your age or health, you may be entitled to more.
2. Letting Your Ex Keep the Matrimonial Home
You may be tempted to accept a buy out from your ex and allow him to keep the house. However, real estate property has a habit of increasing in value so, even if you receive a buy out, you may find you don’t have enough money to buy a property of your own.
3. Keeping the Matrimonial Home When You Can’t Afford It
An alternative mistake is keeping the house when you really can’t afford it. If buying out your husband’s share is going to involve taking out a loan then you are facing not only the continuation of mortgage payments but the loan repayment as well.
4. Failing to Consider Alimony and Child Support Before Dividing Property
Matters of alimony and child support should not be dealt with in isolation. They need to be factored in when calculating the division of marital property. For example, the parent responsible for day-to-day care of the children will likely require a vehicle to transport them to extracurricular activities.
5. Accepting the Inflated Value of Property
Property settlements may sometimes be amicable but this does not mean they are fair. Do not accept the inflated financial value on the property you want to keep – always consider the age and condition of the property.
6. Arguing Over Little Things
Emotions tend to run high during a divorce and most couples view the process as a battle to see who can “win”. This often leads to fighting for items of little financial worth. The time it takes to do so is going to lead to hundreds of dollars more in legal fees.
7. Being Agreeable to Avoid Conflict Over the Children
Many women believe that if they are agreeable with the property settlement entitlements then their ex will be easier to deal with in regards to the children. This approach rarely works and often leads to you being taken advantage of during the divorce.
8. Accepting Informal Agreements as Legally Binding
Some women are led to believe that reaching an informal agreement with their husband is legally binding. It isn’t, even if it is in writing and both parties sign it. In order to obtain a legally binding agreement, both parties must settle in court.
You Don’t Have to Give In
Too many women simply give in to their husbands because that is what they accustomed to doing or because they don’t want to face conflict during the divorce.
Divorces are rarely straightforward and without arguments or issues. More women need to realize that this is the nature of the beast and that it is okay for them to fight for what they are entitled to.
If you are a women facing a divorce, don’t be afraid to stand up for yourself. Think about what is best for you, your children and your financial future!
Are you preparing to divorce? Already been there? Share your tips in the comments!