You may be anxious to get your divorce proceedings over and done with. But before you even file, you must consider the financial implications that a divorce entails and plan accordingly. Read on to discover what financial decisions will have to be made with your divorce and how a seasoned Manhattan divorce attorney at Zimmet Law Group, P.C. can guide you through this.
How are finances determined in a divorce?
If you and your spouse are undergoing a contested divorce, the New York family court may make financial decisions on your behalf. Without further ado, below are financial determinations that you must prepare yourself for:
- The court may order you to child support payments until your child turns 18 years of age.
- The court may order you to alimony payments until your spouse can achieve financial independence.
- The court may order certain marital property to your spouse, such as your family home.
- The court may order you to pay off certain marital debts to acquire a favorable marital property, such as your family home.
What financial decisions will I have to make with my divorce?
Without a doubt, you must make sure that you will be financially secure in the aftermath of your divorce. This means that it is recommended for you to get your financial affairs in order before filing.
For example, you must confirm that you have easy access to cash and credit. This means that you should open up a personal checking account, if you do not already have one, and have your direct deposit paychecks go here. At the same time, you should apply for a personal credit card, if you do not already have one, and have your personal bills charged here. Ultimately, you will be able to easily keep up with your bills, all while paying them off with the funds in your checking account.
Secondly, you should look into your employee benefits that may work to set up your financial future. This is especially true if you formerly fell under your spouse’s health insurance plan, retirement plan, or otherwise. Importantly, if the health insurance from your employer takes a while to kick in, you may purchase COBRA in the meantime. And as far as your retirement plan goes, you should also see if the court will grant you a portion of your spouse’s pension.
This is not to mention the emergency funds that you should be building up, along with your child’s college fund. While we understand that this can be overwhelming, you cannot ignore your financial situation for much longer. Instead, you must retain the services of one of the competent New York City family law attorneys from Zimmet Law Group, P.C. today.