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Avoid The Common Pitfalls That Many Make In Divorce Settlements

On behalf of Tasha K. Schaffner of Schaffner Family Law posted in divorce on Wednesday, June 13, 2018.

The end of a marriage requires that many decisions be made concerning the division of marital assets. Though the process may feel overwhelming at times, choosing to take a big picture view may make it easier to achieve a binding and fair settlement agreement. Kentucky residents who are beginning divorce negotiations may benefit from these tips to avoid some of the more common errors.

One of the more frequent errors that people tend to make is focusing more on an equitable division of assets rather than looking at the big picture and possible future complications. Those who focus on preserving their current lifestyle may be at risk if there were a sudden change in circumstances that could leave one vulnerable in the event there is a catastrophic financial crisis. Having a settlement agreement that takes possible problems into account may allow one to overcome these events without suffering a significant setback.

Along with failure to consider future financial problems, parents who are unable to re-evaluate certain expectations may fall into a trap of guilt spending. Though children may still desire vacations or other luxuries, these desires may be unrealistic after a divorce. Scaling back on some expectations may enable one to realize financial goals in the future. Likewise, when negotiating child support and related expenses, parents who maintain detailed records may have greater success in seeking reimbursement for agreed upon costs.

Individuals who have assembled a detailed overview of their financial status may be in the best position to help negotiate a settlement agreement that will best fit their circumstances. For those who are contemplating a remarriage in the future, then a prenuptial agreement may preserve one’s financial well-being should the remarriage result in a divorce. Kentucky residents who are in the beginning stages of settling a divorce may be best served by seeking the input of an experienced attorney who can guide them through the process.

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