Informed consent is a legal, ethical, and moral standard that is of great importance in divorce. It can be defined as voluntary consent based on a full understanding of all of the information disclosed. What does this mean in divorce? It means that there is a presumption that you know the value of the assets you are keeping or giving away, that you understand the implications of your decisions, and that you understand all of the options available to you and potential outcomes before you make any decisions and sign on the dotted line.
If you want to keep the marital residence, for example, has there been a home inspection to identify any major repairs you will be liable for? Have you performed a title search to see exactly how your home is titled and if there are any unknown liens against your property? Have you spoken to a mortgage broker to see if you will qualify refinance your home loan without your spouse’s income?
What are the different types of alimony? How are they modifiable if I remarry or if my spouse loses his income? What happens to my alimony if my spouse dies? How are the different types of alimony taxed? Are there any carryover losses or other tax benefits that can be shared? Are our retirement plans being divided in a way that avoids penalties and tax consequences? Once you have a clear picture of your assets, the questions that apply to your case can be addressed fully.
Information is power and goes a long way to make sure that the decisions you are making are informed and will really get you what you are hoping for.
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