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What Are the Biggest Mistakes People Make in Their Divorce Settlement In New York?

Posted on : October 23, 2018, By:  Mary Katherine Brown
Mistakes To Avoid In A New York Divorce

Mistakes To Avoid During A New York Divorce

Settling your divorce might involve an agreement you’ve made directly with your former spouse using a mediator or it could come down to a judge’s decision about your individual case. In either scenario, you must be aware of some specifics around divorce settlements.

If you are contemplating filing for divorce, it might seem as though a final divorce decree or settlement is a long way off and that certainly can be true. But it is also the case that you cannot afford to make mistakes in your financial divorce settlement because these could continue to haunt you for many years to come.

You instead need to ensure that you have the right divorce attorney at your side to guide you through and help to address any problems when they arise. Since the financial circumstances can affect you and your loved ones for many years into the future, you need to have an attorney at your side.

Being in the dark about finances can expose you to being a financial victim. If you anticipate that your spouse is planning to file for divorce, obtain as much information as you can right now and make copies of critical financial records like account statements and any data associated with your lifestyle, such as tax returns, charged card statements and checking accounts.

Not producing an accurate budget could expose you to problems as it relates to the division of property or a spousal support award. Divorcing spouses often underestimate their living expenses when they put together their initial budget for temporary alimony and then find out after the fact that they are not able to cover all your bills. Working with a financial professional can help you to avoid this.

Also, don’t ignore the potential impact of taxes in a divorce settlement. You may get taxed on assets that you received through the settlement and the type of assets you receive can also have impacts on your immediate financial future. One such example is your house. If you are not clear about all the possible tax repercussions of a particular award or settlement structure, talk this over with your lawyer.

Posted in : Divorce ,

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