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Nov 2017WHAT IS A HIGH NET WORTH DIVORCE?
Sep 2017What to expect in a custody case
Sep 2017WHAT IS A CONFESSION OF JUDGMENT
Aug 2017WHAT IF I CAN'T SERVE MY SPOUSE?
WHAT IS A CONFESSION OF JUDGMENT
September 22, 2017
Confessions of Judgment in New York
In a divorce case in New York you might be asked to file a Confession of Judgment in order to secure your payment plan for a debt owed to you under your equitable distribution plan. If you fail to pay as agreed upon then a Judgment can be entered by your spouse against you just like any other judgment.
A confession of judgment is a tool that allows a party to obtain a judgment against you without bringing a lawsuit. It can last for up to three years and then it is not enforceable unless you execute a new one.
If you fail to pay as per the terms of your settlement and you confessed Judgment then you will have to pay the whole amount listed in the judgment.
This method of working out settlements can be effective where one spouse does not trust the other to make good on their payments.
In order for it to be enforceable against you there must be an accompanying notarized wet ink Affidavit and it must be signed under penalty of perjury. It must include the amount owed upon which judgment may be entered, the State and County authorized to enter the Judgment, what facts caused the debt to arise. It must be used within three years, and it must be accompanied by the applicable Affidavit by the debtor. Do not try to do this yourself-consult an attorney as to the intricacies of this method of protecting your payment plan in equitable distribution.
One a judgment is entered you can also file it in any other State if the debtor subsequently moves.