Preparing for the Financial Implications of Divorce in New York 

If you are getting divorced in New York and do not have a prenuptial agreement it is important to prepare for the financial implications of divorce in New York.  It is important to know that your assets will be divided by the laws of New York State.

The state will consider all the things that you acquired during your marriage as marital assets. Marital assets can include anything from your income, savings, investments, cars, boats, property, homes, loans, investments, and stocks any anything else that was created or accumulated during the marriage. The court will usually divide marital assets equitably, which may or may not mean a 50/50 split, upon examination of a list of factors. 

When considering which assets will be divided in a divorce it is also important to remember that liabilities will also be divided. It’s important to consider mortgages, joint credit cards, business or personal loans, or anything else that you acquired debt for during the marriage. It is important to consult with your New York divorce attorney about liabilities as well as assets. 

Another important financial implication of divorce is child support. It is important to be familiar with the state’s guidelines when child support is calculated. The state will take into consideration your monthly income, the child custody agreement, and the number of children that qualify for child support. 

Another financial aspect of divorce that comes up frequently is alimony, referred to today as maintenance or spousal support.  In New York, we have statutory formulas that are applied to determine support and your attorney can help you apply them in your situation.

It is also important to be cognizant of when alimony may end and how you can plan to be prepared financially. Start thinking about what steps you can take to start producing income for you and your family.

It’s also important to consider the expenses that come with divorce – in addition to the costs of retaining an attorney, you may need to hire a financial advisor or an appraiser to determine the value of your properties and/or assets or help you with dividing them between you and your spouse. 

When your divorce is resolved,  it is important to remember to close any joint bank accounts and open separate bank accounts. Furthermore, it is important to change the names and beneficiaries on any properties, stocks, bank accounts, or life insurance
Considering Divorce in New York? Prepare for the Financial Implications of Divorce! 

The more prepared you are for divorce the easier it will be to navigate the financial implications of divorce. If you’re considering divorce in New York contact Sabra Law Group today for a confidential consultation at (646) 472-7971.