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Why does rushing a divorce sometimes cause problems?

On Behalf of | Sep 9, 2021 | Divorce

When both spouses want to end their marriage, completing the divorce process as fast as possible might seem preferable. However, rushing to dissolve a marriage may lead to regrettable oversights and mistakes. A divorce settlement in Maryland considers many financial matters, and overlooking any money issues could cause problems for one or both spouses. Avoiding financial mistakes is much better than moving too fast to sign the divorce papers.

Typical financial mistakes that divorcing spouses could make

A divorce settlement commonly involves the division of assets. Rushing to end the marriage could involve speeding through the settlement, possibly resulting in an unfair split of assets. Also, one spouse may need spousal maintenance payments to cover living expenses after the divorce. A rushed settlement may lead to receiving less than what turns out to be necessary.

It’s important to remember that debts may follow someone after a divorce. Even after the marriage ends, both spouses might have obligations to creditors. Without agreements about the debt, or who pays what, the creditors would likely seek payment from whoever is on the account. Not closing a joint credit card or line of credit may lead to disaster. An ex-spouse could continue to borrow money, and the other spouse remains legally obligated to the debt.

Revelations during the settlement

Settlement negotiations present an opportunity for a full accounting and valuation of marital assets. Besides taking an inventory of banking and brokerage accounts, a spouse might learn about the fair value of jewelry, artwork, real estate, and other property.

One spouse might take a chance on hiding assets when seeking a divorce, an action that could lead him or her into legal troubles. The settlement process provides an opportunity to determine if someone is attempting to hide assets from the court.

Concerns about tax obligations and child support may also exist. Taking the time to work through the settlement could allow both spouses to address these and other matters in mediation or arbitration. Rushing the process might narrow their options and create additional problems.

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