Three P’s of Divorce: How Do You Protect Yourself?
Divorce, the say, is all about the division of anything and everything that used to be one in marriage. Although every couple aims to have a fifty-fifty division of everything, there is always a spouse that seems to get the better half of the share. It has become almost impossible to achieve a 50-50 share of everything; that’s why you have to consider seriously the three P’s involved in the divorce. Recognizing these three P’s will allow you to get the better half of everything.
When you sit down to talk about the division of all your matrimonial assets, including real estate, it is not enough that you decide who gets what property. A good divorce lawyer would always advise that you look into the market value of the property and the corresponding taxes that it comes with. Moreover, it is important that couples consider the potential profit that may come with these properties and other investments.
After looking into the value of each property and all the taxes that needs to be paid when the time comes that they need to be disposed of, couples will realize that they are getting a lot less than they first thought they would. Look carefully into property division and include all the payments that need to be made to keep and dispose them to ensure a close 50-50 division of everything.
Did you know that lucrative pension plans you would receive upon retirement are considered matrimonial property? Their value would be added to the total value that would be divided into two during divorce. The spouse who has spent years taking care of the house and has not worked for a company in a day in his life would be lucky to get half of what the working spouse is supposed to get upon retirement.
For couples who have been working since they got married might decide to keep only their pension, thinking that the pension of their spouse would have the same value. This is where the lawyer steps in to give financial advice of what’s the best thing to do in such situations. Be wise in dealing with pensions. The value of the pension and the amount that one is expected to receive is computed in a certain way based on the policy involved; thus, it is best to pre-compute everything. Who knows, you might get an extra few thousand dollars from your spouse’s pension when all has been tallied and computed.
Did you know that an organization sign up comes with equity value? Apart from the monthly or quarterly deposits of business income, your spouse may get more, especially when he moved from being an employee to being a partner or when he joined into the partnership. In these situations, make sure to seek the legal advice to confirm the cash flow as well as the equity amount and whether or not these should be included in the matrimonial money you are to share. The tax implications of such payments should also be considered. Business valuation and other forms of the partnership may be too complicated for comfort. Make sure your divorce lawyer talks to you about all these concerns. You wouldn’t want to miss out on hundreds of dollars just because you chose not to care Seek expert advice and get only what you’re due.