How To Negotiate a Financial Settlement in a Divorce

Divorce negotiations are often emotional, tense, and unsatisfying for everyone involved. But they do not have to be. With a little creativity and flexibility, divorce litigants can create solutions which work for everyone involved. A Georgia divorce attorney can help you examine your family’s debts and assets to negotiate a financial settlement that is right for you.

In the whirlwind of emotions that surround the divorce process, it can be easy to lose sight of the goals of a financial settlement. Here are some things to bear in mind to make the process go more smoothly:

 

  • Separate your emotions from the settlement process

 

Many divorce litigants are – justifiably – feeling wronged by their former spouse, or disappointed about broken promises, or apprehensive about their new stage of life. While all these emotions are understandable, they simply are not relevant to a court’s analysis of what property each spouse is entitled to. It is important for divorce litigants to find healthy outlets for these perfectly natural feelings. They will then be better able to come to the negotiation table with clear goals and realistic expectations.

(2)   Be creative

With a little bit of creativity and flexibility, you may be surprised at how many suitable options arise. For example: would you be willing to forego part of your alimony in exchange for the home furnishings? Would you prefer a one-time, lump-sum buyout in order to finalize all ties to your former spouse? Do you really want the older vehicle, or do you simply have an emotional attachment to it? Different components of a financial settlement can be negotiated, reconfigured, and offset in order to craft a settlement that suits your needs.

(3)  Remember your common enemy

For all the things you no longer have in common, you and your former spouse have one common interest: both spouses’ tax liability can be affected by the outcome of a divorce settlement. It is therefore in both spouses’ interest to work together to minimize that liability as much as possible. In general, alimony is deductible by the party who pays it and taxable to the recipient. Child support is neither deductible nor taxable. The transfer of assets can result in tax liability under certain circumstances, and it is important to consult a CPA, tax attorney, or other tax professional to prepare for any tax liability which may arise as a result of your divorce.

While many divorce litigants do not want to even consider a settlement, there are many advantages to doing so. A faster, more efficient resolution to your case will reduce the number of attorney’s fees and court costs you pay in achieving your divorce. You will also know exactly what to expect out of your case, rather than letting a judge decide your financial future. This certainty can provide significant emotional benefits in preparing to start your new life.

The Right Divorce Attorney for You

For decades, Georgia divorce litigants have trusted experienced divorce attorney Kyle E. Epps III to protect their legal rights. Let the Epps Law Group guide you through your alimony case to ensure the best possible outcome for you and your family. Call (678) 456-4627 today to schedule your consultation with an experienced divorce attorney.

2017-10-12T18:00:43+00:00