When your fairytale marriage becomes a nightmare, you may want to get out as quickly as possible. However, there are vital considerations you’ll need to make before you can begin the next chapter of your life. For example, there are several financial issues you must think about that can drastically impact you later down the line. Keep reading to learn more about what you’ll need to take into consideration and discover how divorce attorneys in Nassau County can help you navigate all of these issues.
Consider All Aspects of Your Assets and Finances
Many couples split finances or rely on their partner to take care of them while they raise the children. This means they may not understand the full cost of living.
As a result, you’ll want to take the time to analyze all aspects of your lifestyle prior to divorcing, as this will help you receive the best outcome. For example, you know you’ll have to take care of the mortgage payment if you keep the house, but you may forget about maintenance, repairs, utilities, and property taxes. Similarly, if you were on your spouse’s insurance plan, you now have to account for your own insurance coming out of your paycheck and paying different co-pays. In some instances, you may have to switch to a new doctor if your employer-provided insurance differs from your spouse’s.
Many who receive spousal support also assume these payments will last a lifetime, which is far from the truth. Generally, you’ll receive alimony depending on the length of your marriage. For example, those who were married for less than 15 years will receive support for 15-30% of how long they were married. However, these benefits will cease when either spouse passes away, the receiving spouse remarries, or the receiving spouse lives with a partner they consider a spouse.
Understand How New York Divides Assets
It’s also important to understand how New York divides marital assets during a divorce. Unlike the handful of community property states that split funds 50/50, New York follows equitable distribution laws. This means the assets you and your spouse have incurred throughout your marriage will be divided based on each spouse’s contribution to the relationship.
However, this doesn’t mean the working spouse will receive everything. If one partner gave up their career in order to stay at home and raise their children, the courts would consider this a large contribution, even though it is not economic.
Contact a Divorce Attorney to Help You Navigate Financial Issues
When considering a divorce or you receive papers from your spouse, the most important thing you’ll want to do is contact a lawyer as soon as possible. Unfortunately, the financial implications of divorce can catch many off-guard, so doing what you can to minimize issues is essential. With the guidance of an experienced attorney, they can help you negotiate the assets you want to receive.
At Barrows Levy PLLC, we understand the financial implications for those going through this challenging time. We will do everything possible to help you receive the best possible outcome for your financial situation. Contact us today to learn how we can help you.