What actions a person takes or doesn't take during a divorce here in Texas can have significant financial consequences for them. For example, agreeing to a given financial settlement in a divorce without knowing the full financial picture of the marriage can sometimes lead to a person getting less in the division of property than they otherwise would have been entitled to. Sometimes, even what a person says during a divorce can have financial consequences. This can be seen in a divorce case from another state, New York.
The case involves a woman who was married to a man who is a partner at a law firm. The woman and the man engaged in a contentious divorce battle which went for seven years.
Recently, a judge made a decision regarding the division of one of the assets in this divorce: the man's $5 million stake in the above-mentioned law firm.
Initially, the woman had been in a position to receive $2.5 million in relation to this partnership stake in the divorce. However, the man argued that the woman's portion of the stake should be reduced due to things she said publicly during the divorce. Purportedly, the woman made numerous disparaging remarks about the man in public during the course of the divorce. The man alleged that these comments harmed his professional reputation and caused him to lose income through a loss of clients.
The judge agreed with the man's arguments and ruled that, due to the income loss caused by the woman's public statements, the woman should only receive $855,000 in relation to the man's stake in the firm.
A divorce can sometimes be complicated, stressful and contentious. This can sometimes cause a person to be tempted to take rash actions during a divorce. It is important for individuals in a divorce to resist this temptation and to always keep in mind what impacts what they do during a divorce could have.
Source: New York Post, "Judge rules divorcee ‘damaged’ ex’s career – slashes $2.5M payout," Julia Marsh, April 8, 2014