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May 2016 Archives

Biggest Mistakes People Make in a Divorce

Financial mistakes can often be the most common and costly mistakes.  In many cases, one person manages the finances and the other has no clue.  This can create a serious issue for the person that doesn't fully know much about the household finances. If you are planning a divorce or you suspect your spouse is planning to divorce you, it's a good idea to make copies of financial and bank account records, including bank statements, tax returns, retirement accounts and even credit card bills to protect your financial assets. Coming up with an accurate budget to determine child support and alimony can be difficult and often gets underestimated. Once you've agreed to a settlement, it's not easy to go back.  Let your attorney or financial planner help come up with a budget that will meet your needs. You're going to need to work with the other party to help minimize the tax burden when going from one tax return to two individual returns.  

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