Things to Watch Out for During a Divorce

If you have never been through a divorce before, this legal process can seem quite daunting. In fact, there might be all kinds of surprises waiting for you as you end your marriage – and not all of these surprises are pleasant. It is important to watch out for common mistakes, hidden obstacles, and other factors that you might not be aware of. The best way to do this is to get help from a qualified divorce attorney in North Carolina. Our legal professionals can use our many years of expertise to make you aware of potential issues, and they can also guide you toward a positive resolution.

If you are heading for divorce in North Carolina, you might want to consider collaborative law. This process is beneficial for a number of reasons, and it is often quicker, easier, and cheaper. If you are curious about the unique pros and cons of collaborative divorce, speak with an attorney who has experience in this area. Collaborative divorce is becoming more and more common these days, and our legal professionals can assist you with this process.

Concealed Assets

One of the most important things you need to watch out for is the possibility that your spouse is concealing assets. This is an especially important consideration if your spouse was the primary wage earner during the marriage, and you mostly acted as a stay-at-home parent. However, anyone can conceal assets – even spouses who do not seem to have a job or an income of any kind.

The good news is that spouses face considerable consequences if they are caught concealing assets. You have the freedom to request financial documents from your spouse during the pre-trial discovery phase. If they fail to provide these documents or falsify information, they can face considerable consequences.

On that same note, you should avoid concealing assets at all costs. While some spouses get away with this act of misconduct, most attorneys agree that it is simply not worth the risk. If discovered, you may be forced to pay your spouse’s legal fees. You may also face additional consequences, and judges are unlikely to look very kindly upon these actions.

Tax Implications

One of the most common mistakes that spouses make during their divorces involves taxes. Although it might seem like you are walking away from your marriage with a considerable amount of property, you really need to consider the tax implications. Will property division trigger taxable transactions? Will you be forced to pay hundreds of thousands of dollars in taxes after accepting your share of the family home, for example? These are all important questions, and your attorney can certainly help.

Lack of Financial Literacy

A stunning number of spouses struggle with financial illiteracy when they go through divorces. According to the Journal of Accountancy, this issue is especially common among older spouses. You really need to consider how your divorce will affect your financial situation in the long run. This means exploring options for retirement savings, seeking financial advice, and possibly even getting a job despite already being retired. Surveys have shown that about 75% of divorcees are woefully underprepared for the financial consequences of divorce.

Lengthy, Expensive Trials

Most spouses want to move on with their lives as quickly and easily as possible after the end of their marriages. However, this is often a difficult goal to achieve when you are faced with a long, expensive, and stressful trial. These divorce trials can drag on for years in some cases, and you might be wondering how you can possibly avoid this. The good news is that there is another option — collaborative divorce. In a collaborative divorce, both spouses meet behind closed doors, negotiating along with their attorneys and drafting a separation agreement. This agreement contains all the conditions of their divorce, and it allows them to sidestep the trial process altogether. It is no surprise that collaborative law is becoming increasingly popular among divorcing spouses in the United States today.

Enlist the Help of a Qualified Attorney Today

If you have been searching the North Carolina area for a collaborative law attorney, look no further than Arnold & Smith, PLLC. Over the years, we have helped numerous spouses across the North Carolina area, and we know that there are plenty of things to watch out for as you head for a divorce. Fortunately, we have the necessary qualifications and experience to help you avoid pitfalls. Book your consultation today to learn more about your legal options.