fbpx
Select Page

Answers to Financial Questions During Long Island Divorce

by | Jan 30, 2018 | divorce lawyer long island ny, marital property, News and Events, spousal support

As experienced divorce attorneys on Long Island, we know that after you and your spouse have made the decision to divorce, it is likely that you will have many conversations regarding important topics within your marriage, including property allocation, child support and custody, and spousal maintenance. In my many years of practice, I have found that, on some occasions, the finances of the couple jointly, and the parties individually, can be left out of those conversations. The topic of your finances is a vital component of your Long Island divorce, and needs to be addressed thoroughly in order to reach an equitable settlement for both of you.

 

Divorce Attorney Consultation

Credit Checks

For most couples, there is little to no association between your divorce and running a credit check. However, in our law firm, it is standard practice to request a credit report from our clients. In a majority of marriages, each spouse has access to the personal information of the other, including birth dates and social security numbers. Although most of our clients believe their spouse wouldn’t lash out in anger, for some, running a credit check reveals that their spouse has opened accounts or credit cards in their name without their knowledge. These accounts may have been opened during the course of your marriage, right before the divorce action for divorce was filed, or even after you filed for divorce, all without your knowledge. Regardless of the time frame, it is very important that you have a clear picture of any and all credit accounts, loans or other debts currently existing in your name.

Separate Accounts

One of the first things I advise my clients to do upon commencing their divorce is to open and maintain their own bank accounts and credit cards. For some, especially those ending long-term marriages, this may be the first separate account they’ve held in decades. This is a necessary step, however, in beginning to build credit in your own name. While this may be a daunting task for some, specifically for the “less monied spouse,” it is a very important step in setting yourself up for success in your post-divorce life. Additionally, any separate accounts that are funded solely from your own earnings will likely be considered separate property and will not be subject to equitable distribution in your divorce.

Joint Accounts

While the trend for most recently married couples is to maintain separate accounts, if you and your spouse have any joint accounts or credit cards, you and your spouse should have a serious discussion about closing them at the commencement of your divorce. However, in some situations, you may decide that keeping a joint account is what works best for your family. Many clients continue to maintain a joint account during the pendency of their divorce in order to pay any marital bills, such as a mortgage or the homeowners insurance associated with the marital residence. The decision regarding maintaining a joint account must be carefully thought out and must be done with a certain sense of cooperation between you and your spouse. If the two of you can work together during the pendency of your divorce, then perhaps maintaining a joint account to pay bills is an option for you. However, if this does not reflect your situation, it is best to close any and all joint accounts at the commencement of your divorce.

Marital Bills

Another crucial piece of advice we always give our clients is to continue to pay the marital bills. There are many spouses out there who, during the pendency of their divorce, are so hurt and angry, they decide that they will no longer pay marital bills. Unfortunately, this is not the way the law works, and, you will only hurt yourself in the long run. In many marriages, a majority, if not all, of the marital bills are in both your and your spouse’s name and thus, not making the required payments will hurt both of your credit scores. While this is usually deterrent enough to prevent shirking marital obligations, inevitably clients will tell me that their spouse has stopped paying marital bills. This typically results in a motion being filed, causing an increase in legal fees that could have easily been avoided. Again, we always advise our clients to continue to pay any and all martial bills, including debts and/or other liabilities, until otherwise ordered by the court.

Questions About Finances During Your Long Island Divorce? Contact Us

If you have further questions regarding your finances during the pendency of your Long Island Divorce, please call our Long Island divorce and family law firm at 631-923-1910 to speak with one of our experienced divorce and family law attorneys.

GET YOUR FREE CONSULTATION TODAY
Call 631-923-1910 or fill in the form below

Robert Hornberger and Christine Verbitsky

Get your complimentary consultation and case evaluation with our experienced attorneys today.

Your attorney will describe the many options available and determine together which is the right solution for you. By the end of this  conversation, we’ll all understand how we can best help you to move forward.

No Cost or Obligation

There is no cost or obligation for this initial consultation. It is simply an opportunity for us to get to know each other, answer your questions and learn if Hornberger Verbitsky, P.C. is the right law firm for you. Give us a call at 631-923-1910 or fill in the short form below for your free consultation and case evaluation.

All Fields Are Required

Divorce Lawyer Attorney Long Island NY Courts Open
Divorce Lawyer Long Island New York

 

 

Google Review of divorce longisland
Tammy Granville
Tammy Granville
11:49 04 Jul 21
Everyone was very professional. Never had to call to get an update on my case. Someone always updated me on a regular basis.
Anastasia R
Anastasia R
22:45 17 Dec 20
I went to see Rob for a modification for my child custody agreement to relocate, I can honestly say that working with Rob and Christine has been the best experience. I cannot recommend them enough I only wish I had seen them sooner. They are prompt with communication, and they are honest which I appreciate so much. They do not give you fake promises and they do their best to fight for what you want which they do amazingly well! You can tell they are passionate about what they do and care about their clients. A very important aspect of lawyer client relationship for me is an open line of communication, the anxiety of the unknown always gets the best of us. The fact they were always available whether it be phone call or email to answer any question was extremely comforting and exactly what I needed. I am not well versed with laws and regulation so knowing I had Rob and his partners there when I was unsure or conflicted was extremely needed and greatly appreciated.When it comes to family court it's never easy but having Rob and his partner by my side I felt extremely comfortable and he helped me have realistic expectations. Please TRUST HIM!! If you're looking for a lawyer (at least for my end from child custody/Family Court) don't look any further you will not be disappointed. I hope to never have to use them again but in the event I have to, they are going to be my forever first call.

Reviews

  • I have known Robert for more than 8 eight years. Robert has represented many of my family and friends. Each and every one has raved about Robert’s professionalism and expertise. He is knowledgable, friendly and truly cares about his clients. I would not hesitate to continue to refer Robert and his firm in the future!
  • I’ve known Robert for most of my life, and feel very fortunate that I have been able to turn to a good friend for various kinds of legal advice. He is very intelligent, straight forward, and professional. Most importantly though, Robert always finds the fastest resolution, and will not waste your time or money. He is NOT in the habit of dragging things through litigation if there is no need for the added expense. I have referred a few of my friends to Robert, and they have all been more than satisfied in their experience with him. Highly recommend!!

 

 

divorce questions answered

 

 

Long Island Divorce Guide

Fill the form to download Guide

* indicates required




 

Robert E. Hornberger, Esq., P.C. respects your right to privacy. We will never sell your information to any third party. Follow this link to read our full privacy policy.

 

Child Support & Spousal Maintenance Tools
Spousal Maintenance Calculator
Child Support Calculator

Pin It on Pinterest