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
- 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!