3 Things That Can Impact Your Divorce Settlement

As you go through the legal process to get a divorce, you'll eventually start negotiating the settlement amount between you and your spouse. This is when you divide how to divide your shared assets and decide on alimony payments. These 3 factors can actually impact how much you receive in your settlement.

Getting Overly Attached To Assets

A common mistake that people make during negotiations is getting too attached to shared assets that they need to split up. This often happens with the house, where one person really wants to live in the house and is willing to give up other assets to do so.

It will always help to look at the monetary value of existing assets that you want to have after a divorce, and know when to walk away from an asset when it is not financially viable anymore. For as much as you want to keep the house, you may be better off selling it and dividing the profits. You will be able to save money by purchasing a smaller home that has a smaller tax bill each year.

Using Your Lawyer For Personal Therapy

The time that you spend with your lawyer is very valuable, and should always be focused when you have a meeting. Do not make the mistake of using your lawyer to vent about the divorce. Every billable hour spent with your lawyer is money that will be taken out of your settlement in the end.

Not Agreeing To Settle In Mediation

If things are not going your way in mediation, it is important to know when you should settle the divorce instead of fighting it in court. If you do not have kids and a potential custody battle, the majority of your mediation should be about the settlement and dividing assets.

Sometimes a person will want to punish their spouse for taking as much as they can during the divorce. Unfortunately, going to court to do this could end up costing you more money in the end. You'll be paying for additional billable hours for your lawyer, and you may not even get what you wanted when the final ruling is made. Always separate your emotions and agree to what is fair.

These are just a few things that can impact a divorce settlement. For more tips on what you can do, be sure to work with a good divorce lawyer in your area for advice.