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Costly Mistakes to Avoid in a Divorce

Getting a divorce can be a nasty business. The worst part is it can end up costing you a small fortune if you aren't careful. Many people are so anxious to get the process over with that they often overlook details that really need more attention. Here are three costly mistakes you should avoid in a divorce.

Fighting for a house that's not worth fighting for.

A house is a common thing that couples argue over when getting a divorce. Often, people don't realize that the house is not worth the value that it once was. On top of that, whoever receives the house may end up having a high mortgage, taxes that they can't afford, repairs, and more. This can be a lot for a single person to take on, so sometimes it may be better to simply let your spouse have the house.

Not considering tax implications.

Taxes can be a complicated subject. There are quite a few ways that you can be affected by taxes when going through a divorce. For example, becoming single can sometimes put you in a different tax bracket, which can increase the amount of taxes you pay on your own. Another tax consideration is the new tax plan put into place in 2018. Under this tax plan, the payer of alimony is now responsible for the taxes of that alimony. Keep this in mind when you're filing for your divorce, and discussions of alimony come around.

Not hiring a divorce lawyer.

Not hiring a divorce lawyer is probably one of the biggest mistakes you can make when getting a divorce. Unless you have absolutely no assets, no children, no pets, or anything else that you and your spouse can fight about (this is rare), then you need a divorce lawyer.

Since there are so many different aspects of a divorce, the process can get very confusing and complicated. Property division, child custody, and spousal support are among some of the issues you might face. A Madison County divorce attorney will be able to walk you through the process and give you sound advice to make sure your best interests are protected throughout the divorce.

Need a Divorce Lawyer?

If you need legal assistance with your divorce, Hancock Law Firm, PLLC, is here for you. Our attorneys have 50 years of combined experience in protecting our client's rights. We understand how difficult this time is for you, which is why we are ready to take on your legal burden.

Call Hancock Law Firm today at (601) 843-0985 to speak with a divorce attorney today!

 

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