New York Divorce Settlements
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Gain some understanding of divorce settlements and what to look for when you and your spouse are contemplating divorce proceedings.
- You do not need to be a financial victim of divorce. If you believe your spouse is considering filing for divorce against you, you need to make copies of any and all financial assets, accounts, and transactions. This will protect you against having your money siphoned off by your spouse before the official divorce documents are served; it will protect you from being forced into an inequitable settlement; and it will prevent you from having to fork over huge legal and forensic accounting fees.
- Do financial planning for post-divorce years ahead of time. Two homes cost more than one to run, yet one of the incomes is not going to change. Your financial divorce settlement may have to last a long time--perhaps til the end of your days, in fact.
- Seriously consider divorce mediation. Keeping your divorce proceedings out of the courts can save you a great deal in money, time, emotional strain, and having to fight for what you feel you deserve.
- Get it put into a settlement that your ex-spouse must maintain life, disability, and personal health insurance. If your spouse dies prematurely or is prevented from working, you are the one who will also pay the price.
- Do not hire some super-aggressive lawyer to go after your spouse. First of all, beware of equitable distribution laws which such a lawyer cannot alter. Second of all, they could harm the continued relationships between you and your ex--particularly bad if there are children involved. Finally, they assume that they can act whenever and wherever--while you foot the bill for all of their "overtime" which might very well get you nothing.
- Get your financial documents updated immediately. Don't leave your life insurance death benefit or inheritance to your ex when you wanted to leave it to your new spouse, your children, etc.
- Taxes! You and your soon-to-be-ex may dislike one another now, but there's one entity you are both threatened by equally: the tax collector. Work together past any disagreements to make sure your tax burdens are as minimal as possible. And if you have children involved, you're only going to harm them, too, if you don't do this.
- Talk to financial planners outside of your lawyers. They will advise you on things you might not have thought of: social security, inflation, making a truly accurate budget, etc.
- Your divorce settlement lawyers are not therapists. Don't keep calling them for emotional advice. They bill you for every call, every minute.
- Lose your emotional attachment to your assets, and to your previous life. Only cooler heads prevail during these troubled times.
- Be suspicious of too-good-to-be-true divorce settlements.
If you need a divorce lawyer call now 718.259.4500 or email us if we can help.
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