New York, NY- It’s January which means that many people are resolving to improve their lives.That can mean getting more exercise, eating a better diet or quitting smoking. But those resolutions aren’t for everyone, and some people just resolve to end their marriages, making January divorce month. And when they do they need to know how to protect their money when their marriage falls apart.
Dividing assets and determining child custody are the two main issues of contention in divorce, but we will focus in on a couple’s finances. If you know divorce is the cards for you, the first step you should take is to contact a divorce attorney. They can give you the information and advice you need to begin unraveling your finances from your estranged partner.
Once you’ve gathered all of your financial documents you should meet with your attorney so they can identify what assets and debts belong to both spouses and which ones belong to only one spouse. This is the starting point to ensuring you safeguards your finances.
Your legal counsel can identify what assets are marital or non-marital and help you determine whether you or your spouse are entitled to financial support. If there are disagreements over support or assets, you and your spouse will have to work together on a compromise. If that’s not possible then the representation of an attorney will be absolutely necessary.
One of the first and hardest things a couple must do when they split is decide who will take possession of the marital home. Their home represents the bulk of a couple’s wealth and has a great deal of emotional value so many people find it difficult to make a decision about who will keep the marital home.
The easiest solution is for a couple to put their home on the market and divide the proceeds. That won’t work for all couples if one spouse has decided that home is where they want to raise their children. If one spouse wants to remain in the marital home, they may have to buy out their spouse’s portion of the home.
Typically, the fate of the marital home, division of property and other financial issues are settled long before a couple appears in court. This is usually done through multiple meetings between estranged spouses and their divorce attorneys. When divorcing parties have an attorney working with them, they can be confident that will get a fair settlement and are able to maintain the standard of living they have become accustomed to.
Assets and debts acquired prior to a marriage are generally excluded from a final divorce settlement.
Divorce generally has a huge impact on couple’s finances. Each one needs someone on their side who will fight for them and do what it takes to ensure their clients are awarded an agreeable divorce settlement. A divorce attorney do what it takes to protect your finances and keep you from being financial ruin when you and your spouse divorce.