1. Understanding that a matrimonial divorce settlement
is NOT an exact science. If a financial divorce settlement was a
straight mathematical equation, we wouldn't need courts and lawyers
to resolve matters. Courts are usually required, under Family Law
legislation, to take into account a range of factors in deciding
who gets what.
2. Settling for a 50% split of the matrimonial
property WITHOUT taking into account matters such as significant
disparities between what your husband earns and your own weekly/monthly
income and any restrictions your age or health might have on your
capacity to earn income.
3. Letting your spouse retain the matrimonial
home IF you have the ability to buy him out. Real estate property
has a habit of increasing in value without you having to do anything.
If you pass this up and he pays you out then the problem often
is that you don't have enough money to purchase a property of
your own. Deposits, stamp duty, legal fees etc. can put buying
another home out of your reach. You're left paying out dead money
in rent.
4. Keeping the matrimonial home when you really
CAN'T afford to financially. If buying out your husband's share
in the house is going to involve you taking out a big loan, you
need to factor in the monthly loan repayments PLUS outgoings such
as rates, building insurance, public liability insurance and general
maintenance costs. Only then will you know whether or not you
can actually afford to keep the house.
5. Failing to take other matters such as alimony
and child support into consideration BEFORE agreeing on a division
of the matrimonial property.
6. Not appreciating that it is the current value
of property that is taken into account - not replacement value.
This means that if the family car is worth $10,000, it is often
better to keep it, as you may have to spend twice this just to
replace it. If you have the kids then they have to get to school,
football training etc. somehow.
7. Failing to realise that the marital furniture
and effects are usually secondhand furniture and therefore not
worth a lot of money. For example, the fridge that you paid $1,000
for new may now only worth a few hundred dollars. Keeing the bulk
of the furniture (if it is in good condition) will avoid you having
to pay a lot more money to replace it.
8. Accepting the inflated financial value your
husband is likely to put on any property that you want to keep
and the low value he's likely to put on any property he actually
wants to keep.
9. Arguing over the little things. By this we
mean, fighting for items of little financial worth. It's pointless
paying hundreds of dollars in legal fees disputing who is going
to get the $50 stamp collection.
10. Overlooking other assets such as boats, trailers,
machinery, pensions, retirement funds, stocks, shares and life
insurance as matrimonial property and/or financial resources.
11. Failing to make your husband take out life
insurance (with you as the owner and beneficiary) to guarantee
his payments of any child support or alimony.
12. Believing that if you go "soft"
on your property settlement entitlements, your husband will be
easier to deal with as regards the children.
13. Seeking divorce financial planning advice
from a lawyer instead of a financial planner.
14. Reaching an informal agreement that is not
legally binding - even if it's written down and both parties have
signed it.
15. Giving in to your husband
because that's what you've always done.
Divorce is about looking after your future. Many husbands use
what I refer to as the "Bluff Act" to intimidate their
spouse. If you don't want to fall victim to this, get a copy of
my book "How
To Win When Facing Divorce" TODAY. It's an instant downloadable
ebook that's you really shouldn't be without.
© Barry J. Roche - Barry Roche is the founder of The Womens
Divorce Help Club and the author of numerous divorce articles
and ebooks including, “How To “Win” When Facing
Divorce”. He is a former Family Law Specialist who wrote
this book specifically for women. The book is available for purchase
at http://www.divorceandwomen.com/help.html.
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