When you decide to end your marriage, you will be burdened with making a host of decisions regarding the terms that will apply to the termination of your marriage, including custody, support payments, property division, and more. Divorce is often an emotionally overwhelming and stressful process, which causes many couples to make rash decisions on their significant issues to get through the legal process as quickly as possible. However, this is a huge mistake. During a divorce, several opportunities arise when making financial decisions that can impact your future financial security. It’s critical to carefully consider your financial choices to ensure you do not end up with unfavorable divorce terms. If a divorce is imminent, you need a trusted Garden City Divorce Lawyer to help you achieve the best possible outcome.
What financial considerations should I keep in mind during a divorce?
If you’re considering dissolving your marriage, you must make various financial decisions that will affect your financial stability post-divorce. Thinking about how your expenses will change during a divorce is essential. When you were married, you likely shared living costs with your spouse. However, now that you are no longer together, you will be responsible for your expenses. It’s crucial to adjust your standard of living based on your current income and set a stricter budget to avoid any financial problems in the future.
When navigating your divorce, you should consider whether you will be entitled to receive or obligated to pay spousal or child support. If you are the higher-earning spouse, the court may order you to provide financial support for your ex-spouse to maintain the same standard of living established during the marriage and for your child’s basic needs. This maintenance payment can drain your assets quickly. Therefore, you should determine whether you will be obligated to pay, as it can affect your long-term financial stability. Another financial consideration you should consider is how to divide your family home. It can be challenging to determine who gets to keep the primary residence. One spouse may feel strongly about retaining the home and doing everything possible to receive it. However, staying in your current home would be an expensive undertaking as you will assume all financial responsibility over the expenses associated with the home. If you remain in your current home, consider whether you can afford it, as it could financially drain you.
Should I consider how to divide marital assets?
Furthermore, thinking about how assets and liabilities will be divided between you and your former spouse is crucial. Determining which assets are marital property and separate property is essential to ensure a fair distribution of your assets. New York is an equitable distribution state, meaning marital property will be divided fairly, but not necessarily in an even 50/50 split. Therefore, it’s vital to distinguish your martial property to ensure that you receive a fair portion of your assets and prevent your ex-spouse from hiding assets to obtain a more favorable distribution. In addition, it’s essential to have evidence of separate property to ensure that your ex-spouse does not receive a share of your possessions.
If you’re facing a divorce, contact an adept lawyer from the Law Offices of Eyal Talassazan, P.C., who can help you plan for your financial future.