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Overlooking assets in a divorce

On Behalf of | May 23, 2022 | Divorce |

Divorce proceedings could prove incredibly stressful for both spouses. Stress sometimes contributes to distractions, which may be particularly unhelpful during legal proceedings. When discussing divorce settlement matters, overlooking anything creates eventual problems in an Ohio family court. One spouse might not realize they missed an asset until after the final divorce decree. Revisiting and revising a settlement after a final ruling may prove challenging.

Overlooking an asset during settlement negotiations

Revisiting and revising a settlement agreement could move forward with fewer complications when both parties agree to reopen the matter. When only person assents, reopening is possible. However, doing so comes with potentially more hurdles.

Likely, the court expects to see a compelling reason why the settlement requires reopening. If one spouse committed fraud by hiding assets, the court might become more inclined to revisit things. The same could be the case when a gross mistake led to an oversight.

Expect the court to require compelling evidence of any claimed fraud or mistake. Again, divorce decrees are the final ones. Any actions after the fact might require a high legal bar.

Avoiding oversights during divorce settlements

Many will agree that it is best to engage in divorce proceedings thoroughly and appropriately to avoid mistakes, oversights, and omissions. Perhaps hiring an accountant to perform audits of all accounts seems helpful. This way, it might become harder to miss or hide assets.

If the court reopens the case, the other spouse might be unwilling to negotiate a new settlement. Therefore, a trial may be unavoidable. Trials could be costly and time-consuming. Not overlooking any assets during the initial proceedings might help the parties avoid such a scenario.