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Beware Of An Unfair Divorce Settlement

Beware: Unfair Divorce Settlement | Attorney Jeffrey M. Bloom, West New York

Beware Of An Unfair Divorce Settlement

Divorce is never easy. As time passes and you are increasingly fed up with the time it is taking to settle, you may be tempted to sign a settle the agreement just to get things over and done with. This is not a wise decision, and you could ultimately pay a big price. Even if everything looks fair and equitable, you may not be getting what you deserve. It is essential that you make yourself aware of the very costly mistakes that can be made in a divorce settlement.

Undoubtedly these points may be somewhat confusing, especially if your divorce proceedings are just beginning. But take the time to review them and then seek professional help before you agree to anything.

• The effect of your settlement on various taxes can be very costly if not addressed thoroughly. Capital gains, income tax, and alimony are just a few of the areas that may be impacted.

• Liquidity refers to the ability to access the cash value of an asset. For example, a bank savings account is highly liquid, because you can just withdraw funds from an ATM when you need the funds. Should you receive the illiquid assets, such as a house, then the challenge for you would lie in cash flow. On paper it may look equitable, but is it?

Retirement accounts are tricky. Their complexity merits a separate category. If a large portion of your settlement consists of retirement assets, you need to be aware of the many tax ramifications and potential penalties involved.

• Your credit means a lot. Nothing is worse than starting out a new life with bad credit. Several steps can be taken during the divorce process to minimize the chances of this occurring.

• Not budgeting can be a real problem for recently divorced individuals. This scenario can be avoided if you take a good hard look at your expenses versus liquid assets and income. A Certified Divorce Financial Analyst can help you project several years into the future and determine if you’ll have enough resources to support your current lifestyle as well as your retirement years.

• Hidden assets can be a huge issue. There are multiple resources and methods used by financial professionals and attorneys to uncover potential hidden assets. Being aware of these may help you avoid being victimized by a dishonest spouse. Forensic accountants are the most commonly utilized professionals to assist in this area.

No one enters into a marriage with the intent of getting a divorce. It’s messy and painful, not to mention life-altering. Do all that you can to advocate for yourself.

Contact Divorce Attorney Jeffrey M. Bloom Today

There is just too much information that one has to be aware of in a divorce. Do not assume anything and your trust should now be in the attorneys you have hired to protect you. Contact The Law Offices of Jeffrey M. Bloom in West New York and we can assure you your rights and your assets will be protected – (855) 208-3650.

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