15 Financial Mistakes to Avoid in Your Divorce Settlement: Expert Advice from a Family Lawyer in Bangalore
Introduction: It is important to keep in mind that divorce is not just an emotional journey; it is also a financial one. Navigating the complexities of a divorce settlement—covering finances, taxes, property division, and long-term obligations—requires careful planning. As an experienced family lawyer in Bangalore with nearly two decades of practice, I’ve seen how financial mistakes during divorce can have lasting consequences. Below are the top 15 financial mistakes to avoid, along with practical tips to protect your financial future. 1. Overlooking the Full Financial Picture Failing to account for all assets, liabilities, income, and expenses can result in an unfair settlement. Ensure that you have a complete list of all movable and immovable assets, bank accounts, investments, and debts. 2. Ignoring Tax Implications Divorce settlements can have significant tax consequences. Alimony, property division, and retirement account withdrawals can impact your tax liabilities. It's vit