Common Divorce MistakesFriday, May 9th, 2014, 10:29 pm
Divorce is usually an emotional process that brings many issues into play, which makes working with an attorney who specializes in Queens divorce law a necessity for those seeking divorce. Understandably, many people are blinded by emotions during divorce and fail to take simple measures that will protect the well being of themselves and their families. Here are common mistakes made by divorcing couples, as well as ways to help avoid making these errors.
Ignoring the possibility of divorce.
One of the more common mistakes couples make is not creating a plan for financial protection in the event of divorce. One of the first steps engaged couples should take prior to marriage is drafting and signing a prenuptial agreement before they walk down the aisle. You can also sign a postnuptial agreement after being married. It may not seem romantic, but this contract can save both spouses time, money and emotional distress should the marriage end.
Not knowing what equitable distribution means.
Under New York divorce law, property is divided equitably during a divorce if there's no prenuptial agreement. The judge’s goal is to divide property fairly, which doesn’t necessarily mean an equal 50/50 split of assets. When determining equitable distribution, the judge will take the income and property of each spouse at the time of marriage and divorce into account, as well as the length of the marriage, age and health of each spouse, and a variety of other factors.
Relying on someone other than an attorney for legal advice.
Relatives and friends may offer emotional support during the trying divorce process, but it’s smart to solely depend on your divorce attorney when it comes to legal guidance. Trusted family members and friends aren’t necessarily well versed in New York divorce law and therefore aren’t able to effectively advise you on the legalities of the process.
Forgetting to factor in taxes.
As you draft a separation agreement, don’t neglect to address any possible tax consequences. Decisions on who will keep the house, claim the children as dependents, and take ownership of stocks can all significantly impact taxes. Spousal support may also incur a tax consequence, as the amount is taxable to the recipient. With this in mind, monthly spousal support payments should not only cover monthly expenses, but also the tax consequences of the award.
Contact a Queens Divorce Lawyer
If you are a resident of Queens who is considering divorce, contact Frances Kweller of FK Law Group at 800-631-1757 for a consultation.
Category: Divorce Law