Bull & Reinhardt, PLLC
Free Consultations* 828-348-8053

Complex Cases. Clear Results.

Divorce errors to avoid

North Carolina couples who are considering getting a divorce may already know that the divorce process can be difficult to navigate. However, there are certain mistakes people can make before and during a divorce that may make it even more difficult and result in expensive consequences.

One mistake that can have significant consequences in a divorce is not having all of the paperwork that may be needed. If there is a possibility of a divorce occurring, individuals should immediately begin to gather all of their financial information, such as the balances and account numbers for all financial accounts, which will not only be helpful for the divorce settlement but will also be useful for future tax and retirement planning. It is also likely that the Social Security statements that detail the earning records and projected future benefits of a spouse may be necessary. Additional paperwork that should be gathered includes receipts for purchases made for significant assets and for any home improvement expenses.

Another costly mistake to avoid during a divorce is not considering the tax implications of choices made regarding financial accounts. Financial assets, including retirement accounts, investments and property, may undergo certain tax treatments in the future that may significantly affect how much they are worth.

It is important that joint credit accounts are closed if a divorce is taking place. As long as their name is on a joint account, individuals can be held liable for the debt, even if their spouse agrees to assume responsibility for the debt.

A family law attorney might consider the factors of a divorce and may advise clients about how to address disputes regarding divorce legal issues. Depending on the circumstances of the divorce, negotiation may be used to obtain favorable settlement terms regarding spousal support and the division of financial assets.

No Comments

Leave a comment
Comment Information
  • Avvo Rating Superb Top Attorney Family
  • Avvo Rating 10.0 Superb Top Attorney
  • Super Lawyers Rising Stars
  • The national top 40 under 40 trial lawyers
  • BV LexisNexis | martindale-Hubbell Distinguished For ethical standards and legal ability
Email Us For a Response

Tell Us How We Can Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Bull & Reinhardt, PLLC
160 E. Chestnut Street
Asheville, NC 28801

Phone: 828-348-8053
Fax: 828-254-5166
Asheville Law Office Map

Follow us on