Twenty two years after divorcing ex-husband and hedge-fund titan, Patricia Cohen was back in court suing Steve Cohen for an additional $8.25 million. It has been reported that Patricia Cohen did get a generous amount of money at the time of divorce, but now believes she is entitled to more. The judge dismissed the case stating the statute of limitations has run out and her case lacked plausibility. Ending up in court with a post divorce lawsuit not only wears away one's nerves, but can be a financial drain. A marital settlement agreement is a legal document that spells out the division of marital assets and debts, and also diminishes the chance of you having to appear before a judge after your divorce.
Some divorcing couples in Pennsylvania don't get a marital settlement agreement, feeling that time will heal old wounds and matters will be dealt with amicably. These very same people often find themselves back in court suing their ex-spouse because they neglected to negotiate and sign a marital settlement agreement at the time of divorce. Instead of moving on with their lives they find themselves spending considerable time and money trying to work out a deal after their divorce is final. The big disadvantage is that a judge will be telling the couple what is acceptable and fair, instead of the couple making these decisions for themselves
Another reason ex-spouses find themselves in court after divorce is because of overlooked items in a settlement agreement. Some of these items can be as basic as who will be paying for their child's education. When working out a marital settlement agreement, make sure your attorney has a questionnaire for you to follow in order to cover important aspects of your financial future.
All to often, years will pass after the divorce, and an unsuspecting spouse can find him/herself back in court because of an overlooked matter. A will or a life insurance policy may be about to be executed. If the deceased spouse forgot to change the heir or beneficiary, then the ex-spouse may end up with the assets. If your settlement agreement lacks any language as to who the beneficiary is, a judge may have grounds to give the monies and/or inheritance to the former spouse.
During divorce, animosities can run high and an individual may hide assets from their spouse. If the spouse later finds out s/he or may have grounds for a post divorce lawsuit. Spouse's who believed they were smart initially realized they don't feel as clever as they have to stand before a judge and explain their previous behavior, not to mention the financial ramifications and loss of credibility.
Proper planning now can help prevent a post divorce lawsuit. Attorney James Cairns can help you with your marital settlement agreement. Once you're ready to file for an uncontested divorce and/or martial settlement agreement, contact Attorney James Cairns for a free consultation at 888.8636.9115.
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