It is pretty easy to talk about what actions New York individuals should take during a divorce, but what not to do can often be equally as important. After all, the best decisions in the world can easily be rocked by one or two missteps in a divorce. To be on the safe side, consider the following mistakes to avoid.
In especially amicable divorces, it might seem easier to just agree to something rather than revise a divorce settlement. However, this can be surprisingly dangerous because if one party goes back on his or her end of the deal that are no legal avenues to uphold that decision. Even if the other party has always been mostly genuine when it comes to holding up his or her end of a promise, changes in life like remarriage, a new job or a move could influence whether they continue to honor the verbal agreement.
Choosing a verbal agreement over including something in the divorce settlement might reflect a certain level of trust in a soon-to-be ex, just as leaving the full list of assets and finances up to an ex does. If one party was typically in charge of all of the household funds and financial decisions, it can be tempting to default to their records when entering asset division. Unfortunately, this can make it exceptionally easy for that person to hide assets or withhold important financial information. Trusting another person to make sure that all finances and assets are accounted for can result in one party receiving much less than he or she deserves.
Remaining mindful, avoiding potential pitfalls and keeping up-to-date on developing areas of their divorce is often key to a successful divorce that both parties can walk away from feeling satisfied. In the event that an individual does commit one of the above missteps, it is not too late to make changes to the divorce settlement if it has not yet been finalized. However, if a divorce has already been finalized, an individual will need to petition the New York family court for a modification.
Source: mainstreet.com, "3 Worst Financial Mistakes You Can Make in a Divorce", Kathryn Tuggle, May 28, 2015