Avoid costly mistakes in divorce

Arizona residents might be interested in a recent article discussing some of the common mistakes that some couples make when negotiating property division. Many people have a specific goal in mind, like keeping the house or maintaining ownership of items of sentimental value. However, the article suggests that some individuals, especially those over the age of 50, should focus divorce negotiations on retirement accounts.

According to a small survey recently conducted by Securian Financial Group, about 31 percent of respondents did not realize that they might have been entitled to a share of their former spouse’s retirement accounts. These accounts often become very valuable as a person approaches retirement age, which may make the funds important to securing a person’s financial future after a divorce is finalized.

In addition, many people want to hold onto their homes after a divorce. In general, one member of the couple will keep the house and the other will move out. However, the article suggests that, financially, it tends to be better for both parties if the home is sold and the profits are split between the former couple. The financial future of a home is relatively difficult to estimate and maintaining the property can be costly.

For those going through a divorce, it can be helpful to consult a lawyer who has experience in representing individuals during settlement negotiations. A family law lawyer may be able to make recommendations when it comes to property division and other aspects of the process. In addition, the lawyer might act as a representative for a client during settlement negotiations or hearings if the case is taken to court.

Source: Forbes, “The Big Money Mistake Divorcing Women Make”, Kerry Hannon, July 03, 2014

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