One of the top concerns facing any couple in a
divorce are concerns about finances. This is especially true if one spouse handled
the finances, while the other spouse did not. If your spouse knows the
ins and outs of your finances, and you do not know your spouse's financial
matters, then you could be severely disadvantaged. This would be one of
the top mistakes you could commit in a divorce, going in without sufficient
awareness of your own financial situation. If you think that you are about
to be served divorce papers, then you want to find as many financial statements
and records as you can, making copies of banking account statements, credit
card bills, tax returns, etc. If your spouse hides assets from you, legal
and financial experts can step in and discover these funds.
Another top mistake is to not look into
divorce mediation. You do not want to deprive yourself of this option if it is at all a
possibility in your case. In mediation, a neutral third party would facilitate
discussions with both spouses and their attorneys, helping them to arrive
at a mutually satisfactory agreement on the divorce, agreements on
child custody, support payments, property division, and more. This process only starts
when both spouses agree to it, and this could result in a quick and amicable
resolution. This also frees up a couple to make the choices when it comes
to their futures, as opposed to leaving the actual decision-making to
a judge. If a spouse will not provide full financial disclosure, however,
or if one spouse will not budge on a key issue, then mediation may be
out of the question. But it is important to at least look at all your
options when it comes to a divorce.
The third huge mistake, one that many individuals fall into, is hiring
an aggressive lawyer. Plenty of people feel that hiring a pugnacious attorney
is a great way to get back at their spouse, but this is a tactic that
surely backfires. For one thing, it is really not possible to wring every
single cent from your spouse. The upshot of this aggressive pursuit is
that you would probably suffer a great deal of financial loss. An aggressive
attorney leads to a more expensive divorce because the process would be
extended. This also means a great deal of emotional damage. Instead of
trying to get back at your spouse through a combative divorce process,
realize that the best revenge there is to thrive after the divorce.
A further mistake you could easily sidestep is to forget about tax season.
As hostile as you and your spouse may be, you should realize that the
IRS can be an even greater foe. If your situation is particularly complex,
then you may need the help of a financial expert. But the bottom line
is that both of you would be held liable for taxes based off of audits
on joint returns. If you and your spouse can work to minimize your liabilities,
etc., you can both benefit.
Finally, another preventable mistake is to work with an inaccurate budget.
It is all too often that a spouse realizes that they miscalculated their
costs of living, and thus the amount they are receiving in
support payments is not enough for them to meet their bills. Knowing where you
stand financially can make all the difference when it comes to creating
your new future.
In order to get a fair result from
property division and other matters in your divorce, work with an experienced Long Island
divorce attorney. If you have the right legal expert on your side, you
can achieve as quick and stress-free a divorce as possible. Learn more
about the financial issues you need to address in your divorce when you
contact the Meyers Law Group, P.C. today.