WomansDivorce.com shares the expertise of financial planners and analysts in an article titled Divorce and Your Finances – The 7 Most Costly Mistakes.
The article serves as a good reminder of some of the more subtle pitfalls to watch out for in negotiating settlements, such as:
- Mistake #1: Not Knowing the Liquidity of Assets
- Mistake #2: Failure to Consider the Impact of Taxes
- Capital gains
- Income taxes
- Mistake #3: Not Understanding the Rules of Retirement Accounts
- Mistake #4: Overlooking Debt and Credit Rating Issues
- Mistake #5: Not Maintaining Control Over Insurance Policies
- Mistake #6: Failure to Budget
- Mistake #7: Failure to Identify Hidden Assets
- Tax returns
- Business owner tactics
- Checking account statements
- Savings accounts statements
- Brokerage statements
- Expense accounts
- Children’s bank accounts
