Organizing your finances is a complicated task most divorcing couples often struggle with when trying to reach an amicable settlement. There are certain factors which are often overlooked and require heavy consideration, such as the cost of future living and taxation issues. Your attorney can help you through this difficult time by exploring methods which can ease your expenses and minimize the risk of future legal complications.
Take Your Future Cost of Living into Consideration
Decisions made without proper consideration and insight regarding your divorce could make the process grueling. Divorcing couples often fail to account for future costs of living when it comes to splitting retirement assets such as a pension. Keep in mind that pensions can be adjusted to account for the increase of certain future finances such as your cost of living. However, receiving spouses may only be eligible to obtain the same monthly percentage of a pension if they fail to address this issue. This means that the cost of living may increase but the amount you receive per month and will not be adjusted accordingly to match that cost. Do not let this costly mistake make your divorce more overwhelming than it has to be.
Don’t Forget About Taxation
Taxation is another area divorcing couples fail to explore or consider, which can cost them heavily in the end. It is important to determine how alimony payments will be taxed if your monthly spousal support payment is established in the divorce settlement. Taxes on alimony payments can have financial consequences depending on who is responsible for contributing additional funds for taxation purposes. Your attorney can ensure that every angle, including taxation, is covered during your divorce settlement.
Protecting Your Financial Future
Coming to terms with the fact that your marriage has come to an end is difficult enough without having to worry about financial issues and messy divorce settlements. A divorce attorney can guide you on the proper course of action to take as well as make accurate adjustments for your divorce settlement. He/she can also possibly make the process much less financially draining and ensure that you do not suffer any devastating financial consequences.
To learn more about how an attorney can represent you and protect your financial interests during a divorce settlement, contact the skilled divorce attorneys of McAllen’s Barrera, Sanchez & Associates at (956) 287-7555.