Divorce is a costly endeavor. The average divorce may cost around $15,000. A nasty divorce could cost much more than that.
Bad decisions during a divorce can create even more of a financial mess. Some people try to get revenge on a spouse by using credit cards and spending too much money. These are behaviors that can come back to haunt you. Here are some other mistakes you should avoid.
A legal matter like a divorce is not something you can do yourself successfully. Lawyers understand the law and can make sure you get what you deserve. What happens during your divorce will affect your future, so make sure it is done right and that you get the assets you are entitled to receive.
You may be fed up and simply want to be done with your marriage — and the divorce, for that matter. However, getting the process over as quickly as possible is not in your best interest. You want to make sure you get what you deserve financially. This may mean sticking it out longer than you expected, so you are not treated unfairly.
You do not have to battle out your divorce in court. In fact, it is recommended that you do not. Litigation is costly and time-consuming. It is better to start out with mediation. Mediation allows you and your spouse to negotiate over key issues and maintain control over the outcome. Do not leave the outcome to a judge. Consider mediation first — it is cheaper and private.
It is important that each party get assets valued so that they can ensure assets are divided fairly. This is especially critical for major assets such as businesses and homes.
You need to be aware of all your assets as well as debts. Your and your spouse’s debts need to be out in the open, so they can be split equitably. It is possible that creditors will come after you for your spouse’s unpaid debts, affecting your credit. It is best to get them refinanced or paid off ahead of time.
Do not leave retirement money on the table, especially if you are over the age of 50 and thinking about retirement. Even if you have your own retirement account, it may be much less than your spouse’s. A qualified domestic relations order (QDRO) allows retirement plans to be divided fairly in a divorce without incurring early withdrawal penalties when receiving the money before age 59½. If you do not have a retirement account, but your spouse does, you will want to make sure you get your fair share.
Divorce can be complicated. One wrong move can affect your post-divorce life.
Count on the experienced Michigan divorce lawyers from Lucido & Manzella, P.C. to guide you through the process. We will help you understand your legal rights and responsibilities. Schedule a consultation by filling out the online form or calling (586) 228-3900.
We offer a free initial consultation so you will get an opportunity to meet us, and we will have an opportunity to learn more about your legal issue.
Mr. Manzella represents businessman William Weber, who admitted to falsifying an invoice at ex-Macomb prosecutor Eric Smith’s request. He pleaded guilty to misdemeanor charges of conspiracy to commit a legal act in an illegal manner, with felony offenses dismissed during the sentencing.
L’Tonya Marie Payne, a 51-year-old black woman, is facing misdemeanor assault charges following an altercation. The complaining witness, who is white, stated the police would not believe Ms. Payne due to her skin color. Attorney Vince Manzella is working alongside Ms. Payne to fight these allegations, as she was arrested simply on the basis of the witness’s word.
Joseph Wolf, former director of the Detroit Stars, was sentenced to two years of supervised probation. Wolf pleaded guilty to embezzling funds from the nonprofit youth baseball league. Typically, the felony count can result in up to 10 years in prison, a fine of $15,000, and other charges, but Lucido & Manzella, P.C. was able to help the client receive a reduced sentence.
Charles Frontera, a former Roseville city councilman, was sentenced to a year of probation after a misdemeanor charge was dismissed at sentencing. During a pretrial conference, Mr. Frontera pleaded guilty to substance possession, and in doing so, Attorney Manzella was able to protect the client from severe charges.