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Avoiding Financial Mistakes in Divorce

Divorce brings with it tremendous emotional and financial consequences. There are steps everyone can take to help minimize the negative financial consequences of a divorce.

Hire an Experienced, Qualified Attorney

Attorneys are expensive, but this is not the time to practice law on your own. Even experienced attorneys hire a family law attorney for their divorce. A qualified, experienced family law attorney will guide you through a complicated process. Your future financial and family situation depends on what happens in your divorce.

Get a Professional Appraisal of the Family Home

For many married couples, the family home is their most valuable asset. When going through a divorce, it is important the parties know the actual value of the home. One of the parties may want to maintain the family home. Or it may be necessary to sell the home. The parties need to know how best to proceed from an educated point of view. Understanding the value of the home (not just what is owed on it) informs the parties when negotiating the distributions of other assets.

Do Not Give Up Retirement Benefits Easily

Sometimes a party is tempted to give up retirement benefits in exchange for short term gain. During a divorce, retirement can seem like a distant prospect. That can make it easy to trade retirement benefits away. Consider how much time you have before retirement. Do you have enough time to rebuild retirement savings? When do you want to retire? Consider your standard of living upon retirement. Do you hope to move south? Will downsizing help pay the bills? These factors should be considered while negotiating your divorce settlement.

Consider Your Priorities

Tell your attorney what is most important to you. Some parties value the family home, some retirement benefits, some custody of the children, and some the family cabin. Your attorney needs this information. Negotiation is crucial in a divorce settlement. To effectively negotiate on your behalf, your attorney needs to know what your priorities are.

Consider Mediation

Mediation involves a third party neutral. The mediator works with both parties and their attorneys to attempt to resolve any or all issues in the divorce. Mediation is not binding. It is an inexpensive alternative to protracted litigation. Mediation resolves some or all of the issues in a divorce much more inexpensively than litigation.

If you are considering divorce, you need an advocate working for you to protect your interests. At Zachary D. Smith, LLC, we focus exclusively on family law. Zachary D. Smith is trained as a family law mediator, serves on the Executive Committee of the Cincinnati Academy of Collaborative Professionals, and has experience litigating cases other methods of case resolution fail. To schedule an appointment with a leading family law attorney in Cincinnati, contact Zachary D. Smith at (513) 275-1164 or visit www.ZDSLaw.com for further information.


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