If you are heading into a divorce, you could be feeling like you are trying to figure out a million little details. You could be keeping track of who is picking the kids up from school and trying to remember what bank account you should be using to pay bills; you might be looking for a new house and seeking approval for a loan, and you will have to balance all this with existing stressors like work and health issues.
With all these details already on your plate, it can be unimaginable to also figure out the legal details of your divorce. Before you decide to tackle this situation alone, you might want to consider the costly consequences of failing to dot your i’s and cross your t’s.
Let’s look at one example in the news for a better idea of what oversights can cost you in your divorce.
Wealthy couple Sheila and Daniel Rosenblum divorced in 2014. Between the two of them, there were hundreds of millions of dollars at stake in the split. Unsurprisingly, they went through considerable negotiations before landing on an arrangement in which Sheila would receive $5 million every year for 12 years, a total of $60 million.
Unfortunately, Daniel evidently neglected to sign that agreement.
Because of that failure to sign, a judge ruled that they must now abide by an earlier agreement, which will cost Daniel $61 million and instead of steady annual payments, he will have to pay $11 million right away and $50 million over the next four years.
This one oversight may not cost this man just $1 million; it could wind up costing far more thanks to Daniel’s alleged inability to pay that kind of money so quickly and a lawsuit he recently filed against his ex-wife. Also, undoubtedly there were attorneys that were incurred in the thousands of dollars.
Considering how serious the ramifications for missing, inaccurate or incomplete paperwork can be in a divorce, it should be clear that having legal guidance in your own divorce can be crucial.
Source: New York Post, “Tycoon must pay ex $11M because he forgot to sign divorce papers,” Julia Marsh, April 11, 2016