If you’re going through a divorce, this is undoubtedly an emotionally challenging time. However, you’ll also discover that there are many legal and financial decisions that must be considered. Unfortunately, many are unprepared to make these critical decisions, so doing everything possible to understand what’s expected of you is vital. This blog explores what you must know about the financial implications you’ll need to consider and how divorce attorneys in Nassau County can assist you through these complex times.
What Are the Most Important Financial Decisions I Must Make in a Divorce?
If you are going through a divorce, one of the most significant decisions you and your spouse must make regards the division of your marital assets. When you and your spouse marry, you will likely combine most of, if not all, your assets. As such, many of your possessions and funds will become marital property, which is subject to distribution during your divorce. Working with your spouse to determine how you will divide these assets gives you greater control over the process instead of letting the court divide assets under New York’s equitable distribution doctrine.
Additionally, you must consider opening separate bank accounts and credit cards if yours are combined with your spouse’s. Ensuring you have your own account and access to cash and credit is vital. If you do not have your own checking account or credit card, it’s necessary to consider the different financial institutions and open your own accounts.
Finally, you’ll want to update your estate plan. In many instances, spouses will create mirror wills or name their spouse as the sole beneficiary of their estate in the event they pass away. However, the financial decisions you must make during divorce will likely impact your estate plan, so updating it accordingly and writing your spouse out of the plan is critical. Unfortunately, failure to update your will or trust can cause significant issues for your beneficiaries after you pass.
How Can an Attorney Help Me, and What Can I Do to Prepare for a Consultation?
Meeting with an attorney to discuss your divorce is critical to ensure you take all precautions to protect your assets and finances. Unfortunately, many try to navigate a divorce on their own, which can lead to errors that leave them financially vulnerable. Additionally, this is a complex legal process, so letting someone well-versed in divorce law guide you through is critical to receiving the best outcome possible for your circumstances.
If you are meeting with an attorney, ensuring you bring the necessary financial information is critical to helping this process go as smoothly as possible. You’ll want to gather all relevant financial documents, including bank account statements, loan information, mortgages, tax returns, pay stubs, and any estate planning documents you have.
At Barrows Levy, we understand how difficult getting a divorce can be. As such, our dedicated legal team is committed to handling the legal and financial complexities of this issue, so you can focus on healing emotionally. Contact our firm today to learn how we can assist you during this process.