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Financial mistakes to avoid in a divorce in New York

On Behalf of | Mar 7, 2022 | Divorce |

Making financial mistakes during divorce can make your life more difficult once you begin living on your own. You could have less than you expected as a result of a poor settlement.

Rushing the divorce settlement

Some spouses take advantage when the other wants to get the divorce over as quickly as possible. They might persuade you to agree to less than what you should get from the property division. It’s only after the finalization that you realize you aren’t set up well for success after the divorce. Many people experience financial difficulties after a rushed divorce. Take a deep breath and slow down when you’re in doubt about an issue.

Failing to consult with professionals

Consulting with professionals helps you negotiate a fair deal. Divorce involves complex financial and legal issues. There are laws and aspects of finance you may not expect while going through your divorce. The best way to divide assets isn’t always straightforward. Early withdrawal fees and taxes on retirement accounts affect property division.

Choosing a mediator to facilitate your divorce settlement negotiation helps you and your spouse stay calm. They will step in when the conversation starts to get heated to smooth things over. You may also ask for a break when you feel your emotions becoming too strong.

Not checking for hidden assets

Some spouses hide assets, so you should hire a forensic accountant or an attorney who knows how to check for hidden assets. Common tactics that people use to hide assets from their spouses include overseas accounts, trusts, and depositing funds with family members and friends.

Although your natural inclination may be to get the divorce over quickly without the help of professionals, this often leaves people in a worse financial situation. You could walk away from the marriage with a better financial foundation when you work with the right professionals.

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