BROOKLYN, New York. Separating from your partner is a highly personal decision. For many, it is the toughest they will ever have to make. However, divorce is not just a personal decision, but also a legal process that can affect everything from your child custody to your finances. If you are getting divorced, it is important to consider how it will impact your money. What can you do to protect your finances during this difficult time? While money may be the last thing on your mind, here are some things to think about as you move forward.
Know what you own. Before you file divorce paperwork, it is a good idea to have a good understanding of what’s in your bank account and what you owe. You may want to make copies of property deeds and review your retirement funds. The more complex your financial situation, the more help you may need. This is why it is essential to have a good Brooklyn, New York divorce lawyer on your side. The Elliot Green Law Offices work closely with divorcing individuals to protect their rights and their finances as they undergo this tough transition.
A divorce lawyer can review your assets, debts, and property and help you understand the possible tax burdens of any split. One mistake that some divorcing individuals make is taking what appears on the surface to be an even split, but, when one considers the tax burdens involved, the split proves to be not so even after all. Certain retirement accounts could be subject to taxes and this should be taken into account when determining what is an equitable split. According to Forbes, individuals need to consider the tax burden of their assets before making a split.
If you and your ex will be living in different houses, you’ll need to adjust your spending and habits to match your new changed financial circumstances. If you have relied on your spouse for income, you may need to seek work or additional training to re-join the workforce. This may require some planning ahead.
Finally, when thinking about your financial situation, there may be some assets you cannot count on after a divorce. According to the Huffington Post, the courts may view some property as “separate property.” If your spouse owned property before the marriage, if he or she received an inheritance before you were married, or if he or she received gifts, you may not have access to these funds after a divorce. Additionally, if your loved one receives money as part of a personal injury settlement, this money may not be split by the courts.
However, separate property can sometimes become marital property under certain conditions, so it is important to speak to your divorce lawyer in Brooklyn, New York before assuming that the property isn’t shared. If you are getting divorced, you may want to settle your case as soon as possible. However, sometimes individuals give up important rights during this process when they fail to seek proper legal counsel. Visit https://www.elliotgreenlaw.com/ to learn more today and protect your rights.