ALEXANDRIA, Louisiana. If you’re considering getting divorced, you’ll want to think about the financial implications your divorce will have on both yourself and your children. Even in the case of an amicable split, it is wise to speak to a divorce lawyer in Alexandria, Louisiana. A qualified divorce attorney can help you understand your rights, responsibilities, and help you file the appropriate paperwork. The Jones Law Firm is a family lawyer who can offer you caring and compassionate counsel as you navigate the new chapter of your life. You can visit their website at www.hdjoneslaw.com.
Some of the mistakes couples make during their divorce can be expensive. What are some of these mistakes, and how can they be avoided? Here are a few:
- Choosing to keep the house when you can’t afford it. According to the Wall Street Journal, some divorcing individuals fight to keep the family home even when it doesn’t make the best financial sense to do so. While there may be good reasons for keeping the home, such as keeping kids in the same, school, if you cannot afford the home, you may have to sell later, and at a cost. For instance, you should understand your tax burden and the cost of maintaining the home over time before you fight to keep it.
- Properly estimate what income you’ll need when single. The reality is that most divorcing couples experience some kind of financial setback after divorce. The cost of maintaining two homes is always more than the cost of maintaining one home. Calculate food, housing, clothes, and other expenses. You may be entitled to receive alimony and child support, but it’s wise to understand how much money you have and how much you’ll need before divorce negotiations begin.
- Consider your tax burden. Some divisions of property and assets may appear to be equal on paper, but when you take a closer look at the tax burden, the division isn’t actually 50-50. It may be wise to speak to a tax advisor before accepting any deal. For instance, according to S. News and World Report, Roth IRAs are more valuable than traditional IRAs because the taxes have already been paid on a Roth.
- Change the beneficiary on your retirement plan. If your former spouse is listed as a beneficiary, he or she may receive the money should you pass away, and not your children. It is important that you review all your documents and change your beneficiaries.
- Avoid a contentious divorce. Be realistic about what you are entitled to receive after your divorce. A divorce lawyer in Alexandria, Louisiana can help you better understand your rights. However, seeking alimony or assets in order to get revenge can actually cost you more in legal fees over the long term. A divorce attorney can help you understand what you may be entitled to receive and can help you negotiate a division of property and assets. Contact the Jones Law Firm in Alexandria Louisiana to learn more about how a divorce lawyer can help you.
Divorce is a legal process that involves financial considerations. If you’re considering divorce, getting proper legal advice is important. Protect your rights.