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Mistakes to avoid in a divorce to keep you from losing it all

You may be in for a rude awakening if you think the biggest mistake you ever made in life is to marry your partner. Once you file for divorce in New York, you can never be certain as to what will happen, or the emotional reaction from your partner. What may have been an amicable split can turn into a situation that is full of stress, frustration and strife.

Often, neither of you wants the other to get their fair share of marital assets or custody of the children and pets. Either party may be willing to go so far as to consider not disclosing all of the assets and income to achieve their goal. This is a huge mistake that will lead to more litigation and problems. Before anyone gets too caught up in all the drama and games, review the following mistakes to avoid in divorce.

Not being honest

Do not fool yourself into thinking you can omit certain facts and make inaccurate statements during your divorce proceedings to achieve your goals. If you are caught lying on insignificant matters then no one will believe you on anything. You have a legal and moral obligation to be as open and forthcoming as possible about your income, assets, property and accusations. When both people are honest your case will move more smoothly. If your spouse or the courts suspect you are not being truthful, they can take steps to determine the facts they need to know. This takes time and money. Deceptive and misleading actions during a divorce will appear contemptuous and damage your credibility.

Not doing your homework

You may think some assets are worth more than others and focus your efforts on receiving them only to learn after finalizing the divorce that they are worthless. You should know the value of all assets, properties and accounts so you have the information you need to make the best decisions regarding your settlement.

Overlooking tax implications

One issue that many soon-to-be divorced couples forget to consider involves taxes. Once they finalize their separations, tax statuses and obligations change. Settlements also have a significant impact on tax situations. To avoid having a larger than expected tax obligation to the IRS, you should work with a financial expert to develop a beneficial settlement.

You are your best advocate during the divorce process. Take an active role in the process to improve the outcome and avoid mistakes that can affect you long after the court issues the decree.

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