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Three Typical Financial Fears Faced in Divorce: How to Address Them

Three Typical Financial Fears Faced in Divorce: How to Address Them

Posted By Meyers Law Group, P.C. || 12-Sep-2013

Whether or not a couple has a high net worth, it can feel like there is a great deal of insecurity in their financial futures when a divorce is imminent. This is especially true for the spouse who might be called the "out spouse" because he or she has not had a hand in budgeting or accounting for the family. Whereas the "in spouse" will understand the ins and outs of the couple's finances, the "out spouse" may have to take special measures to prepare financially for the future.

If your responsibilities in the marriage did not include overseeing the finances, then perhaps you are gripped with the fear that you have no idea what you will end up with in a divorce. If this is your case, then it is important to get as clear a financial picture as you can. Talk with a financial advisor so that you know where you stand. You can examine whether it will be more worth it to keep your house in a divorce, or whether more liquid assets would of greater benefit.

While faced with legal proceedings over property distribution, perhaps your fear is that you will not end up with a fair amount. Perhaps part of this fear is that your spouse is hiding assets from you. If this is true for you, then your divorce lawyer can start a discovery process, which opens up a number of ways to get full financial disclosure. An experienced divorce lawyer can then help you win whatever it is that you need and deserve in a divorce settlement. New York is an equitable distribution state, so property is not automatically divided in a 50/50 split; courts are looking for what would be a fair division of a couple's property.

Finally, all these fears are likely tied to apprehension about what your future lifestyle will be, and how different it might be from now. A financial advisor can calculate what your new costs would be, including health insurance and such, and then help you understand what your post-divorce income would be, including maintenance, child support, etc. You can then accurately assess where you will be able to afford to live, and what your lifestyle could look like. Once you can nail down these specifics, a feeling of anxiety can be replaced with certainty. When you know where you stand, and when you have an excellent legal advocate on your side, you can face the future with confidence. You can successfully find your way to independence.

When you need to protect your rights in a divorce, contact the Meyers Law Group, P.C. Our Long Island divorce lawyer is well-equipped to ensure that our clients receive a fair divorce settlement.