People who are going through or expect to go through a contentious divorce should know that they are not alone. A huge number of divorces involve a dispute of some kind because of all the difficult emotions that are involved. Each spouse can feel angry, sad, scared and betrayed during a divorce, and many people are fueled by these emotions which can complicate an already difficult process.
This can be especially true when money and security are at stake. But when it comes to property division, it can be crucial for people to remember that a divorce will ultimately come to an end; the terms of a settlement and financial repercussions will linger on much longer.
This is why people are urged to try and stay focused on the long-term impact of property and asset division. It is not uncommon for divorcing spouses to get hung up on getting as much spousal or child support as possible, or on keeping a family home. No one wants to be in limbo when it comes to where they will live or whether they will have enough money after a divorce.
However, there is more to consider in terms of “who gets what” in a settlement. Is it worth it to keep the family house if it will be nearly impossible to cover payments and taxes alone? Is it more important to get higher spousal support if that means the paying spouse will not be able to provide suitable living arrangements and support for a child? And ultimately, is it necessary to continue fighting over one item or sum or money if it will not have a significant impact on either person’s financial stability years down the road? Considering these questions carefully can be essential.
Of course each person should be aggressive in the pursuit of a fair settlement. They should take steps to ensure assets are divided appropriately, and be sure that no one is hiding money or misrepresenting property or business valuations.
This is why it can be so beneficial to work through this process with an attorney. People getting divorced can be so motivated or affected by hurt feelings that it can be nearly impossible to see the big picture. An attorney, however, can help people protect themselves in both the immediate and distant future.
Source: MarketWatch.com, “Divorce isn’t just about the money grab,” Larry Stein, July 28, 2014