With your future up in the air, one of the many things you will need to protect is your financial future. While an excellent divorce attorney can help you protect your future stability in this area, the success of your divorce settlement also rests on you. So here are five tips to help you navigate the pitfalls that a divorce can include when it comes to property division.
- In order to ensure the success of your future, you have to understand where you are presently. Just knowing your income is not enough, as you will have to nail down exactly how much you spend every month as well. You will need to know your current budget, and then project your future budget in concrete terms (don't forget inflation).
- It is also important to remember that keeping the house might not be worth it. It is understandable that you would not want to uproot your children, and that there may a great deal of emotional attachment to your place, but keeping the house may be a financial drain that you cannot afford. You will have to be honest with yourself about whether or not you can keep the house. If not, it may be best for your family if you keep more liquidated assets to help build your new future.
- You have to know the true worth of assets that are up for grabs, as not all property and financial assets are the same. Even retirement accounts with the same funds in each will not be worth the same in the long run. You need to look closely, to be aware of an asset's value and transaction costs, as well as how that asset will affect your taxes.
- When you are going over the financial settlement, you cannot go line by line either. What you need to start with is a big picture of finances. Only after you know what an equitable division looks like in broad terms, then you can proceed to examine each part of the settlement, all the time looking at how each aspect affects the big picture.
- Property division includes a division of debts as well as of assets, so be wary of this. A divorce settlement may say you are only responsible for so much credit card debt, but the company might pay no mind, hounding you for your ex's debt. Ideally then, you and your spouse can get rid of your unsecured debts before you complete your divorce.
Knowing what you need is only the first step. You have to then be able to actually obtain what you need from the divorce settlement. Here is where you would benefit from an excellent divorce attorney.
At the Meyers Law Group, P.C., you can find the tireless legal advocate that you deserve. Our Long Island divorce lawyer has the experience and passion to help you secure your financial future. Contact our firm today!