Even in an amicable scenario, divorce can be a challenging and stressful process. There are many financial and legal considerations that go into divorce, and many of these things will significantly impact your family and your future, not to mention the cost of the legal process, and the amount of stress you may have to deal with along the way. To save yourself from these troubles, there are some pitfalls you should avoid.
Always Hire an Experienced Divorce Attorney
One of the most common mistakes we see in those who are seeking a divorce is the failure to hire an experienced Long Island family law attorney or mediator. All too often we see individuals seeking advice from a family friend who went to law school, or the real estate attorney they used to buy their house. In addition, the availability of online “Do-it-yourself” divorce services can seem like a good way to save money. In reality, many of those services end up wasting time and money, because they simply cannot protect you when it comes to child custody, property distribution, estate and tax issues and support.
Working with a qualified divorce attorney will help you to:
- Have your questions and concerns answered
- Get a thorough explanation of what to expect
- Receive helpful feedback on your specific situation
- Develop a plan of action
- Maintain an amicable co-parenting relationship, which is in the best interests of your children
Many attorneys offer free consultations. This is a great place for you to sit down and talk about your potential divorce. A good attorney will be able to offer you advice and give you a plan moving forward, with a strategy you can afford.
Revenge Makes For Messy Divorces
Many times one spouse may choose to litigate their divorce as a means of revenge. This is one of the biggest mistakes we see clients make. Acting purely on emotion often sets the stage for a messy and volatile process. This is especially true when children are involved as it may permanently damage any respectful relationship you may have with your soon-to-be-ex, causing the child to have a stressful and even traumatic upbringing.
The actions you make that lead to your divorce and your reasons for doing so will cause a ripple effect for years to come. It’s extremely important for you to make decisions about your future with a level head and clear mind to ensure you don’t regret your decisions later on down the road.
The Financial Discovery Process Is a Must
Skipping out on the investigation stage of a divorce case can cause lifelong consequences. When it comes to your divorce, rushing through the financial discovery process may lead to mistakes, and leaving “cash on the table”. The discovery and disclosure process is there for a reason, and this reason is to ensure you have all of the information you need so that you can make a knowledgeable decision about the settlement that is in your financial best interest.
Discovery will help ensure you are able to pursue the most favorable outcome possible regarding the distribution of your assets and debts. Going through financial discovery allows you to obtain important information such as:
- Bank account statements
- Tax returns (personal and business)
- Credit card statements
- Real estate holdings
- Hidden sources of income
- Assets that are hidden or overseas
- Statements about retirement funds and deferred compensation
- Employment benefits, stock options
- Separate property
Electing to forego the discovery process may leave you with many regrets down the road. You may not receive all of the assets that you are entitled to, or you may have to take on much more debt than you should due to missing out on this process.
Have Questions? Speak With Us Today
Our experienced and dedicated team of mediators and attorneys here at Wisselman, Harounian & Associates have been helping clients with family law matters -- including complex and high net worth divorce matters -- since 1976. For over 40 years, we have always advanced our clients’ best interests and truly have a passion for seeing them succeed. We know divorce can be a challenging time. Speak with us today and let us help.
Call (516) 406-8500 to schedule your free confidential consultation today.