Why You Should Review Your Divorce Or Separation Agreement Every Year?

If you are already divorced or separated, most likely you have a Divorce Agreement (usually called a Stipulation of Settlement) or a Separation Agreement. Most people put these agreements away and never look at them again. However, you should review these agreements at least once a year, and right before you do your taxes is a good place to start.

If there are children involved, many divorce/separation agreements will have adjustments of child support built in or allow you the right to seek an increase (or decrease) in support. If you want to claim your children as a tax exemption, you have to check your divorce agreement to see if you have that right every year. Many agreements alternate, on a yearly basis, which parent can tax the tax exemption for the children.

Finally, oftentimes the parenting time provisions will change on an odd/even year basis, especially when it involves which parent gets which holiday or school recess.

Other agreements may have clauses that involve spousal maintenance (alimony), it is important to review those as well.

Finally, if there were pensions, IRAs or 401(k)s that were to be distributed, it is a good idea to make sure those were actually taken care of.  Since pensions and the like are typically distributed months after the divorce, some people actually forget to follow up on making sure they receive what they bargained for.

If you need an attorney to help you review your divorce or separation agreement, call David Badanes and the Badanes Law Office at (631) 430-4445, email at david@dbnylaw.com or visit our website: www.dbnylaw.com. The Badanes Law Office has offices in Northport, Garden City, Brooklyn, and Manhattan.

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