The Importance of Due Diligence During a Divorce

Philadelphia, PAThe divorce process can be stressful and complicated and it's undoubtedly one both parties will be keen to wrap up as soon as possible. Despite the tensions, the complex legal language, and the need to make pressing decisions regarding your finances, living arrangements and possible custody of your children, it is essential to negotiate the terms of your divorce to ensure an outcome that safeguards your interests in both the immediate and long term.

To achieve this end, it is necessary to carry out some due diligence when undertaking divorce proceedings. This article outlines certain key considerations to keep in mind when going through a divorce to help you reach a fair arrangement with your ex-spouse and to avoid the risk of any costly mistakes.

Dismissing Mediation

Alternative dispute resolution methods such as mediation can be an effective and less expensive route to dissolving a marriage compared to litigation. When couples fail to reach an agreement regarding the terms of their divorce, they can end up going to court to resolve their issues. This can often be a protracted and costly affair requiring expensive legal representation, court fees, and lengthy proceedings.

In contrast, mediation can offer parting spouses a means to reach a mutually agreeable settlement with the help of a neutral, trained third party facilitator. This route also offers the benefit of confidentiality and typically requires less financial resources than litigation.

Mishandling Asset Division

When considering the division of marital assets during a divorce it is important to consider several factors beyond the current value of the assets. Assets that are less liquid, such as real estate, businesses, and houses, may offer potential income generation in the future but also have associated financial implications such as tax, debt liabilities, maintenance costs and other ongoing expenses that can create cash flow challenges later down the line.

In some instances, a spouse may fight to gain ownership of an asset such as the marital home rather than agreeing to sell it or own it jointly. Before making such a decision, the costs of financing such an asset need to be considered to ensure it is a viable decision in the long term. By seeking the advice of an experienced legal expert such as this Philadelphia Divorce Lawyer, parties to a divorce can ensure an equitable division of their marital assets.

Short-Term Thinking on Child Support

While the child support laws of each state will calculate the child support payments that need to be made to ensure children are financially supported until the age of 18, divorcing couples should also address matters that go beyond this obligation.

For instance, higher education expenses such as college tuition, extracurricular activities and healthcare costs should also be factored into a divorce agreement. By making these provisions, the parties will ensure the interests of their children are protected and the risk of one parent bearing the burden of these financial costs alone is avoided.

By factoring in these considerations when going through a divorce you can ensure you will have done the due diligence needed to achieve a fair and favorable settlement for yourself and any children involved.