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Don’t miss these often-overlooked aspects of divorce

On Behalf of | Feb 26, 2024 | Family Law

There are some obvious issues that you’ll need to address in your divorce. Division of marital assets, determination of child custody and support, and allocation of spousal support are amongst them. The outcomes of these issues will certainly have a significant impact on your post-divorce life, but they’re not the only ones.

In fact, there are several smaller issues that many divorcing individuals overlook. And these matters, regardless of how seemingly minor they may be, can have an impact on the next chapter of your life. That’s why in this post we want to look at a few of those smaller issues. Hopefully then you’ll be able to identify them as you proceed with your marriage dissolution and can quickly address them to protect your interests.

It can feel like a whirlwind when you’re caught up in a divorce. As a result, it’s easy to lose sight of certain aspects of your marriage dissolution. However, it’s important that you keep the following issues on your list of things to address in your divorce so that they don’t later come back to bite you:

  • Health insurance coverage: If you were on your spouse’s insurance, then you need to come up other plan before your divorce is finalized. If you don’t, then you could be hit with significant expenses that you didn’t expect, as premiums for a private health insurance plan can be costly, and paying for your medical care out-of-pocket can be ruinous. So, be sure to take the costs of health insurance into consideration when you’re negotiating property division and spousal support.
  • Tax implications: When you’re in the middle of the property division process, your focus is probably going to be on securing as many financial resources as you can. That’s understandable, but you should take tax implications into consideration when you’re negotiating or litigating for these assets. For example, you might want to keep the family home, but if you sell it later, then you might end up having to pay capital gains taxes on it if you already have another primary residence. You can also be hit with a tax penalty if you withdraw money from a retirement account early. Keep these tax consequences in mind as you move through your divorce.
  • Estate plan issues: If you created an estate plan during your marriage, then you probably specified that your spouse will receive most assets, if not everything, upon your passing. You certainly don’t want that to happen once you get divorced. So, be sure to update your estate plan so that your wealth doesn’t revert to your former spouse upon your passing.
  • Your well-being: There’s a lot on the line in your divorce, but probably none as important as your emotional and psychological well-being. As you move forward with your divorce, then, make sure you find the support and help you need, whether that be from your family and friends, or from a therapist or other mental health professional. You can’t focus on your future until you take care of yourself.

Craft a comprehensive divorce strategy

A holistic divorce strategy will give you the drive and direction you need to successfully move onto the next phase of your life. That’s why now is the time to start thinking about what you want your divorce to look like and what you want out of the process. By doing so, you’ll hopefully find comfort knowing that you have the custom-tailored divorce plan that will put you on the path to success.