What financial decisions will I have to make during a divorce in New York?
When facing a divorce, the primary goal for most people is to navigate this emotionally overwhelming process as quickly as possible to start moving on to the next chapter of their lives. However, rushing through your divorce can have lasting consequences. The legal process requires proper attention and careful consideration when determining the terms that will apply to the termination of the marriage. Failing to do so can lead to unfavorable outcomes, causing you to miss out on critical opportunities that may arise during this complex process. This is particularly true regarding the financial aspect of a divorce, where emotions can cloud your judgment and prevent you from making rational decisions. To protect your financial security, it is in your best interest to contact an adept Nassau County Divorce Attorney who can help you successfully plan for your financial future.
What financial choices must I make during a divorce in New York?
When you decide to end your marriage, you will be required to iron out the terms that will apply to the termination of the marriage, such as custody, support payments, and property division. During the divorce, you must make various financial decisions impacting your financial stability. Therefore, when dealing with financial choices during your divorce, you must plan ahead to ensure that your decision won’t jeopardize your financial security.
Firstly, it’s essential to determine what you own. You should record your assets and debts to anticipate what you will receive or be entitled to during property division. To best prepare yourself, you should gather important documents such as bank statements, tax returns, insurance policies, mortgages, pension plans, a list of valuable assets, and any liabilities. That being said, it’s also important to consider property division.
Martial assets are subject to equitable distribution, which means that a couple’s marital property will be split fairly between both parties, but not necessarily in an even 50/50 split. It’s imperative to stipulate clear asset ownership to ensure that your personal or separate property is not split with your former spouse, as only marital property is subject to property distribution during a divorce. Determining marital vs. separate property will help you ensure that your separate property remains your property and that you will receive a reasonable share of your marital assets.
Moreover, when going through a divorce, it’s crucial to consider whether you will be ordered to provide financial support to your children and ex-spouse through child support or alimony. Understanding your legal obligations to make these court-ordered payments is essential, as failing to pay them can have significant consequences.
Ultimately, these are only some of the many financial choices couples must make when dissolving their marriage. Couples must plan for their financial future as various opportunities will arise during the divorce process that could allow them to safeguard their financial security. If you’re facing a divorce, you need a trusted attorney from The Pollack Law Firm, P.C., who can help guide you through this complex legal process to increase your chances of achieving favorable results.