When getting a divorce, couples are confronted with various challenges before moving onto the next chapter of their lives. Couples often do not realize the money issues they should consider until it is too late. Please continue to follow along to learn what money issues couples should consider when divorce is imminent and how a seasoned Rockland County Divorce & Separation Attorney can help you protect your financial security.
What money problems should I consider if I am about to get divorced?
Before both parties move on to the next chapter of their lives, they must understand the money issues they will be confronted with as newly single individuals. Lower-earning spouses often underestimate their future costs of living. In addition, some spouses are in the dark about their finances. This is a huge issue as their partner could attempt to hide certain assets which can result in an unfair division of assets. It is important for both parties to understand their finances to ensure a fair division of assets during a divorce.
Should I hire a financial advisor?
If divorce is imminent, it is in your best interest to hire a financial advisor who can advise you during the entire divorce process. This will help you achieve favorable results in regards to your financial security after a divorce. Oftentimes, especially, lower-earning spouses do not understand the nature or value of their assets. If you do not understand the nature or value of your assets, you may wind up with an unfavorable division of marital assets. New York is an equitable distribution state which means marital property accumulated during the marriage is split fairly between both parties, not necessarily a 50/50 split. The process of property distribution is one of the most contested issues couples must face during divorce proceedings. An advisor can ensure fairness throughout the divorce process, but especially during the division of assets. An advisor can also help you plan out your new lifestyle to help you understand your future expenses as a newly single individual. Unfortunately, there are many financial decisions that could negatively impact an individual’s life if they do not understand the gravity of their financial decisions during a divorce. This is extremely important because many people do not realize how much their finances will be impacted as they go from having two incomes to one. Especially in today’s society, the cost of living has gone up significantly. Ultimately, hiring a financial advisor can help you prevent money issues after your divorce.
For more information on what money issues you should consider when pursuing a divorce, please contact one of our determined and trusted attorneys. Allow our qualified attorneys to fight on your behalf to achieve a favorable divorce agreement.