Divorce can be a difficult and strenuous process that may lead to contentious issues along the way. Some of the issues that arise during divorce proceedings can be attributed to self-employment. In order to mitigate the risk of forthcoming divorce issues due to self-employment, it is important to consider the following:
- Ensure the protection of your assets and resources;
- Consider hiring a financial expert; and
- Think about getting a post-nuptial agreement.
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An individual going through a divorce must disclose a material change in facts during settlement negotiations, otherwise, it may invalidate a settlement provision. On May 11, 2017 the Appellate Division, Third Department invalidated a paragraph of a divorce settlement separation agreement. The court remanded the matter to address the proper equitable distribution of funds.
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