Never rush through the division of marital assets

One of the biggest mistakes that divorcing spouses can make is trying to rush the process. In divorce, as in most areas of life, it is important to take the time to gather information and make informed decisions. While the urge to rush and just move on is understandable, the end result of that approach can be detrimental to one’s financial health. Colorado spouses must be willing to put in the time and effort needed to address the division of marital assets, as well as other matters within their divorce.

Unless a spouse is a family law attorney or financial advisor who specializes in divorce, the financial issues that surround the end of a marriage are outside of one’s area of expertise. Just as one would not expect to be able to rebuild the motor in their own car, it is also ill advised to try and tackle the intricacies of property division on one’s own. This where the advice of a divorce attorney can truly pay off.

An attorney can review a couple’s financial circumstances and help devise the best possible division of marital wealth. The best fit differs from one couple to another. In order to find a good solution, it is necessary to have a grasp on the various tax ramifications and fees that are associated with different options. For example, some types of retirement savings will incur a hefty tax burden if they are cashed out early, and may also trigger fees. A better option, in certain cases, might be to give one’s spouse a greater share of a different asset and keep the retirement account whole.

Divorce can be a difficult process to navigate, and the desire to move forward as quickly as possible is understandable. However, rushing through the division of marital assets is a mistake, and one that can have lasting consequences. Colorado residents should be willing to put in the time it takes to make property division choices that are in line with their individual goals, and that retain the highest possible degree of wealth. Remain focused on those goals, and the divorce might move along faster than expected.

Source: CNBC, “Breaking up is hard to do: Protecting assets in divorce“, Kelli B. Grant, Jan. 17, 2016