A divorce is a difficult time in your life, and you may want to do anything you can to make it end as quickly as possible. Remember that what you do now can affect you later, though, and it's not always a good idea to settle quickly. Here are a few mistakes that you should avoid for your own future security.
First, make sure you look at all your household and financial assets. Some people opt for taking the home in lieu of other assets, but that's sometimes a mistake. You should weigh the value of everything you have in your marital assets before coming up with a settlement.
Ignoring tax implications is another serious problem. If you receive alimony, for example, you may have to claim that on your taxes and pay taxes on them. The same goes for retirement income, so consider what might happen if you take out your retirement now or wait until later.
Finally, don't settle just to appease your spouse or to get out quickly. Yes, $100,000 might sound good, but when it turns out that your marital assets were worth $1 million, you might not be as happy with the outcome. It's important to talk to your attorney about the assets you have and what you should expect with a settlement. Once you have a decent settlement negotiated, you can take those funds and place them into your own private retirement accounts or use them for other purposes while knowing you got what you deserved.
If you don't take the steps to make sure you get what you need now, you will have little ability to make changes in the future, so spending time on arbitration or negotiation is a good idea for a solid settlement.
Source: The Huffington Post, "4 Divorce Mistakes That Can Derail Retirement," Marilyn Timbers, accessed Dec. 08, 2016