Mistakes happen often in divorce cases, especially when a person doesn’t know what it is that they are doing.
When you hear about divorces, you probably noticed that the conversation generally centers around how mentally draining they can be. While that stands true in many cases, the process can also be financially burdensome when certain mistakes are made.
If you are filing for divorce in Mesa, here are a few things you’ll want to avoid doing as each can have devastating effects on you financially.
- Don’t mishandle retirement funds or let others.
If you and/or your spouse have a retirement account, you may be entitled to half or close to it when you divorce. Arizona is considered a community property state which means assets acquired while married are typically subject to division, though it doesn’t always mean they will be cut evenly down the middle.
When it comes to retirement funds, these are generally split equally, especially if your spouse was able to grow their retirement savings while you stayed home and tended to the children.
One thing you’ll want to keep in mind, however, is that if retirement funds are split, you’ll likely need to obtain a qualified domestic relations order (QDRO) which is a legal document issued by the court. The QDRO prevents the retirement account holder from being penalized if their spouse decides to take their half of the saved earnings early.
However, if no QDRO is obtained and you or your spouse withdraws their portion of the retirement money early, the account holder will be taxed rather than the person who is taking out the money.
- Avoid rushing through your divorce.
Most people who enter into the divorce proceedings are looking to get out of it as quickly as possible. And while there is no harm in asking your divorce lawyers to speed up the process, you don’t want to lose out on certain assets that are rightfully yours.
When you rush through a divorce, you might miss out on certain assets that should have been divided or accept an unfair settlement amount. So, before you jump to sign off on the final documents, be sure your Mesa divorce lawyers have checked to be sure the settlement is fair and favorable.
- Don’t undervalue your community property.
Community property is any property a couple acquired while married and is subject to division. When valuing your community property, you’ll want to have your Arizona divorce lawyers obtain their own estimate for what certain assets are worth and not just take your spouse’s word.
Mistakes happen often in divorce cases, especially when a person doesn’t know what it is that they are doing. So, if you’d like help with your divorce, and potentially avoid making costly errors, USAttorneys.com is here to pair you with divorce lawyers or even child custody lawyers who can help.
When working with a skilled lawyer, you can rest easy knowing they will handle the brunt of the work and help you make informed decisions as you navigate through each phase of the process.
Have questions about this article or a legal concern? Call 800-672-3103.