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Misconceptions may have negative divorce impacts in New York

Because most individuals ending a marriage have little legal knowledge about the legal process, it is not unusual for parties to believe certain misconceptions. While some myths can be easily cleared up with the right information, some New York residents could suffer if they enter their divorce proceedings with the wrong beliefs. Typically, the common misunderstandings relate to possible settlement outcomes.

The wrong information relating to property division can be particularly disheartening. For instance, some parties may believe that funds they hold in separate bank accounts will remain theirs after the divorce. While there is a chance that the funds could be considered separate property, there is also a possibility that the money could be divided depending on when and how it was obtained and whether it would be equitable to split the funds.

Another mistake some people may make is to believe that they will not hold any responsibility for a spouse's debt. While it may remain separate in the event that the individual accrued the debt for his or her own gain, another scenario could result in a possibility that both parties could be held responsible. If the credit card debt came about in order to handle family-related expenses, the debt may be divided between both individuals.

When parties go into a situation with a certain idea only to learn that their beliefs were false, they may feel a sudden loss of control. In order to hopefully avoid such a disheartening feeling, divorcing New York residents may want to ensure that they have reliable information regarding their divorce cases. Concerned individuals may wish to take their questions to knowledgeable attorneys who could provide answers and ongoing assistance.

Source: wisebread.com, "4 Myths About Divorce and Money, Debunked", Dan Rafter, July 11, 2017

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