Avoid Costly Mistakes in your Properly Division Settlement

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Avoid Costly Mistakes in your Properly Division
Settlement
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It is all too easy to focus on the emotional
aspects of a divorce and forget about some of the
more logical points. This can be financially
devastating. Even if you don't immediately notice
the impact, you might realize it a year or more
down the road. For anyone who is going through a
divorce, making sure that you protect your
financial interests is imperative. When you are
working on the property division settlement,
avoid making these critical mistakes so that you
can start your single life off on the best
footing possible.   Emotional attachment You
can't let your emotions get in the way of making
a sound decision. When it comes to some assets,
such as the marital home, there might be a strong
emotional connection. Instead of thinking about
this, you should sit down and determine how
keeping the asset might affect you in the
future.   Some assets, including real estate,
have ongoing costs associated with them. Think
about things like insurance, taxes, upkeep,
repairs and similar factors when you are trying
to determine what is worth keeping.
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As you think about these costs, remember that you
are going to be relying solely on your own income
to pay the bills. Even if you do receive child
support or alimony, there is always a chance that
something will happen to your ex and those
payments would stop. Being able to plan your
budget for your income only can help you become
more financially stable.   Retirement
accounts Your retirement accounts need to be
addressed in the settlement. Make sure that you
get a Qualified Domestic Relations Order for
these so that they can be divided up as intended.
You must also ensure that they are valuated
properly because the current worth of the account
might not actually reflect the value that you
need to consider for property division
purposes.   Discounting debts The property
division settlement isn't only about dividing
assets. You and your ex will also have to divide
the marital debts. This can make a big dent in
what you walk away with if your marriage was debt
laden. You should remember that your credit score
can be impacted if your ex is supposed to pay an
account but doesn't because creditors don't have
to abide by the terms of the divorce.
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  There are some cases in which the debts can be
used to balance out a situation where the assets
are divided equitably or equally. Just make sure
that you don't get stuck with the majority of the
debts and minority of the assets.   Article
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