Understandably, divorce can be a painful and stressful experience. As such, many couples want to speed up the process and move on with their lives as soon as possible, resulting in rash decisions regarding the terms that will apply to the termination of their marriage. However, rushing through this process can diminish your chances of achieving the best possible outcome. Critical decisions require the proper attention, meaning they should be carefully considered as they can significantly impact financial stability after the divorce is finalized. Please continue reading to learn how your financial choices during your divorce can impact your financial security and how an adept Rockland County Divorce & Separation Attorney can help assist you today.
What financial considerations should I take into account during a divorce?
If you’re considering dissolving your marriage, there are various financial choices you will be required to make that can impact your financial security. The first financial consideration that can put you on track to successfully transition to the next chapter of your life is determining whether you’re entitled to receive or obligated to pay spousal or child support. If one spouse is the primary or higher-income earner, the court will likely order them to provide needed financial support to the lower-earning spouse to maintain the same living standard established during the marriage or to cover the costs of their children’s basic needs. Determining your post-divorce financial obligations, including potential maintenance payments to your ex-spouse, is essential as it can significantly impact your financial stability.
Moreover, it would be best to determine how assets will be divided between you and your former spouse. It would be best if you inventoried your assets to determine what you own and what property you expect to be subject to equitable distribution. During property division in New York, marital property will be divided equitably, but not necessarily in an even 50/50 split between both parties. Therefore, it’s important to distinguish between marital and separate property to ensure fair distribution of assets.
Alongside determining how assets will be divided, you should consider how to divorce your primary residence. Although you may want to retain the family home in the divorce, this may not be the best financial decision. Staying in your current home means you will be solely responsible for covering the costs related to your home. This can be a significant investment. In most cases, selling the house and splitting the proceeds is more financially reasonable.
Ultimately, several financial decisions must be taken into account during a divorce. If you’re facing a divorce, you need a trusted attorney from The Law Office of Peter L. Jameson, PLLC, who can help you plan for your financial future.