Major Factors That Can Complicate An Uncontested Divorce
Divorces can never be simple, even in ‘uncontested divorces’ that are assumed to be straightforward. Although in such divorces, both parties come down to a single point of agreement, being deceptive about even the smallest detail can turn a straightforward divorce into a complicated one. Want to know about the potential complications in uncontested divorces and how seeking legal guidance can cut down the challenges? Read on:
Marital Debts
Just like property division, any debts acquired during marriage also need to be divided equally, unless such debts have sparked disagreements between the couple. Whether it is a personal loan or a credit card balance, the responsibility of repayment should be shared between the two. Neglecting this matter during divorce negotiations can trigger financial challenges in the future. This is because creditors do not go by divorce decrees, nor are they bound by such obligations, and can reach out to either spouse for repayment. Failure to do so can even result in a decline in your credit score.
To prevent such complications, couples should consult divorce lawyers to craft a clear debt management plan that is agreed upon by both parties. They can help you with different options such as closing joint accounts, refinancing, and other provisions that ease the divorce process.
Retirement Accounts
Among younger couples, retirement account savings are too minimal to factor directly into the process of divorce settlements. But retirement accounts are often a significant marital asset for senior citizens who plan for a divorce, yet these accounts are often overlooked during property settlements. Any funds contributed to the retirement account during marriage are considered as marital property, even if it is solely funded by one spouse. Hiding such assets can create complications and may quickly turn an uncontested divorce into a contested one.
Division of retirement assets requires strategic handling and expert guidance. This is only possible when you hire a skilled attorney who can negotiate a fair settlement and ensure accurate transfer of funds.
Incomplete Financial Disclosure
Uncontested divorces require complete agreement by both parties, which is only possible when you provide an honest financial disclosure for a fair settlement. In most cases, intentionally or unintentionally, people fail to provide the real picture of their finances, leading to further legal battles. Being hideous about any other source of income, bank account, freelance income, or pending bonus can result in contested divorces. Thus, full disclosure of income, liabilities, expenses, and assets is crucial, as any undisclosed information revealed later can reopen the case and can land you in big trouble. This will not only add to the stress factor but also the legal fees, time, and mental peace.
However, giving an honest financial disclosure is not a straightforward process and demands expert supervision. Thus, it is always a good idea to hire experts who can interpret financial documents, verify them, identify the potholes, and work accordingly to protect your interests.
VR Associate Law Firm: Your Legal Partner for Managing Every Complex Detail!
While uncontested divorces seem to be a straightforward affair, missing out on producing even the smallest details can spark widespread repercussions. Thus, hiring a Divorce Lawyer in Gurgaon is the only option to overcome the pitfalls and avoid the major complications that can result in uncontested divorces. This is where the VR Associate firm stands out.
We understand that even the smallest details can cause a big impact. Thus, our experts excel in uncovering the full financial picture while guaranteeing a fair distribution of assets and liabilities. With our years of expertise in handling complex divorce cases, our team provides you with the best strategic advice coupled with strategic decisions to protect your financial interests.
Contact us now for stress-free resolutions!
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