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Five Financial Mistakes You Can Easily Avoid in a Divorce

Five Financial Mistakes You Can Easily Avoid in a Divorce

Posted By Meyers Law Group, P.C. || 3-Jan-2014

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.