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Thinking of divorce? Avoid these mistakes

Divorce can be a very difficult process that involves complicated decisions. This makes it necessary to spend time preparing. If you rush through the process, you risk making mistakes that can cost you a fair share of your marital assets. For example, if you are too focused on getting through the divorce, you may not take into consideration the tax consequences of keeping your house in the Twin Cities or selling it and dividing the proceeds.

It is easy to overlook the details when the only thing you are focused on is signing the divorce papers. Read below for some mistakes you should avoid during your divorce.

Not providing correct financial information

Finances factor heavily in divorce and it is important that you provide this information in a way that is both complete and accurate. Make a list of all the assets and debt that you and your wife own. Also, create a reasonable budget that provides a picture of what you need in order to maintain your lifestyle and handle future expenses.

Letting your emotions rule your decisions

No matter how you feel about your future ex-wife, you should check those emotions at the door when it comes to negotiating a divorce settlement. Treat your divorce like a business transaction and stay focused on your ultimate goal of walking away with a fair settlement.

Not taking taxes into account

As mentioned above, you can end up with the short end of the stick if you fail to account for tax consequences that might be associated with your divorce settlement. Before you agree to anything, talk to a tax professional about any future tax issues that might result from your divorce.

Not being open to compromise

Keep in mind that divorce is a negotiation. Prepare yourself to compromise on certain issues. The only way the two of you will be able to work toward a fair settlement is through compromise. If you are not willing to budge on anything, you risk putting a judge in charge of the decision.

If you are considering divorce, it is important that you avoid certain missteps that can cost you in the long run. The above tips can help you through the process of negotiating a settlement that is fair to both of you.

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