Tasha Smith, one of the stars of Tyler Perry’s “Why Did I Get Married?” no longer has to ask the question ”“ she has reached a divorce settlement with her ex-husband, Keith Douglas.
Smith already paid Douglas $50,000 in December as part of the settlement. Now, a judge has ordered Smith to pay Douglas an additional $7,000 monthly in spousal support. The divorce is not an entirely one way street ”“ Douglas was forced to return Smith’s Mercedes to her.
Mistakes To Avoid When Calculating Divorce Settlement Property and Assets
Divorce is already expensive ”“ you are dividing one pot of money and assets into two, and now each party has separate households and bills. You don’t want to cause yourself any more undue financial burden by making simple mistakes while negotiating your separation and the division of your marital property and assets.
If a divorce looms on the horizon, be attentive to your financial situation as well as your spouse’s, especially if your spouse is the one responsible for most financial decisions in your household. You don’t want your spouse having an unfair financial advantage. Make sure you are a well-informed spouse and get as much information as you can. Make copies of important documents like bank statements, retirement accounts, stock portfolios and tax returns.
You should also be aware of the impact of taxes on your divorce settlement. You may have a tax bill when you liquidate marital assets in anticipation of divorce, such as the sale of a house, so be sure to keep this in mind before taking any deals with your spouse. The after-tax assessment on split assets could be very different than it is pre-taxes and may result in a less equitable split for you.
You should also consider division of your marital property and assets. This process provides divorcing couples a lot of flexibility in terms of making decisions about the family and money. Mediation could help you to develop a post-divorce financial plan and budget, as well as helping you to avoid court time and contentiousness between yourself and your spouse.
Divorce Matters ”“ Denver Family Law Attorneys