Virtually everyone would agree that divorce is never pleasant. Even during amicable divorce proceedings, disputes frequently arise that can significantly complicate the process and cause you to become tangled in endless red tape. The cause of such complications is usually one or more legal mistakes. Below are three of the most common mistakes that our experienced lawyers at Wall & Wall Attorneys At Law PC will advise you to avoid:
Failure to Protect Assets
It is advisable for all clients to protect their assets. If you suspect your spouse is disposing of assets, the holder of the notes should be informed that a dissolution is pending. The correspondence should state that a divorce is in a process and the distribution of assets will be determined at the hearing. Court orders are often needed to protect a person's assets, and therefore you should never procrastinate if it becomes obvious that your spouse is attempting to sell off personal property or real estate before the court date. It is also important to keep a close eye on liquid investments: pay special attention to the cash value of insurance policies and closely watch the balance of any joint bank accounts.
Overlooking Tax Implications
The impact of your divorce settlement on taxes can be costly if not properly addressed. Unfortunately, it is very common for a person to misunderstand the tax implications of a divorce and the impact of alimony, child support or capital gains on his or her return. This is yet another area where our professionals at Wall & Wall Attorneys At Law can offer invaluable advice. For example, evaluating capital gains tax when real estate is divided is a vital step. People who attempt to handle a divorce without professional help often overlook this aspect or are unaware that capital gains laws may apply to investments such as mutual funds.
Concerning taxes, you must also proceed with caution regarding any real estate received in a settlement. For example, if you did not seek the advice of an attorney, you may be tempted to take property from your spouse as part of a settlement, but at the same time be unaware of the property's tax liability.
It is easy to see why it is necessary to consult with one of our knowledgeable and experienced attorneys before attempting to wade through the complicated effects of divorce on your taxes.
Perils of a Do-it-Yourself Divorce
Many people fall into the trap of thinking it is possible to become a legal expert by reading a few books on divorce or seeking advice from others who have been divorced in the past. Unfortunately, in most cases, a do-it-yourself divorce ends badly. This is because when expert advice is sought too late or not at all, the legal mistakes that occur cannot be undone.
Seek Competent Counsel Today
Fortunately, our experts are always available to assist you with all phases of your divorce and support you throughout the process. We will ensure that the best possible advice is given and subsequently the most positive outcome achieved. If you are in the process of a divorce and need legal counsel, do not hesitate to contact Wall & Wall Attorneys At Law PC for professional help.
About the Author:
Cory Wall has over 28 years experience as a divorce and family law attorney and is a member in good standing of the State Bars of both Utah and California. Cory aggressively representing his clients in matters including the complex and difficult issues surrounding paternity, child custody, alimony, grandparent rights, property, and debt division.
Wall & Wall Attorneys At Law PC
2168 Fort Union Blvd.
Salt Lake City, UT 84121
801-441-2388
2168 Fort Union Blvd.
Salt Lake City, UT 84121
801-441-2388
