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Protect Your Finances & Health During Your Divorce

Protecting Assets During Long Island NY DivorceAs a Divorce Attorney on Long Island, I’ve helped hundreds of couples navigate the often rocky road through their divorce proceedings. From simple, uncontested divorces through complex litigated divorces, there are a myriad of complex legal, emotional and financial issues that must be resolved to finalize your divorce and move on with your life.

While the family and divorce law firm of Robert E. Hornberger can help you with the legal issues surrounding your divorce and help you divide your assets, we often recommend that you seek the advice of a qualified financial planner to help you with your ongoing financial needs.

To protect yourself and set yourself up for success, it’s critically important to keep track of your financial records during a divorce and there are a few specific areas of concern.

Establish or Maintain Your Credit

It’s important as you go through your divorce, that you establish or maintain your credit worthiness. Couples going through a divorce often struggle to obtain credit because theirs assets and credit are often tied up with their spouse’s. You should attempt to acquire bank and department store cards in your own name, apart from being an authorized user on your spouse’s cards. In addition to protecting your credit score, you will also ensure that your spouse is not able to cancel your cards and cut off your access to credit when you may need it most.

Keep Cash on Hand

Another good practice is to make sure you have cash on hand. If you haven’t filed divorce papers yet and still live with your spouse, it’s important to make sure that you have access to cash. Legal fees, court costs and new living expenses can drain any account. Keep in mind that the money that used to support one household will now have to be divided into two.

Maintain Your Health Insurance

Another often overlooked are of exposure is your insurance policies. It is recommended that you thoroughly review, and ask your attorney to review, your insurance policies and your insurance needs. While going through your divorce you will want to make sure that you are still entitled to medical benefits. Make sure to talk to your attorney regarding your health insurance coverage, especially if your spouse provides you with health insurance. In most divorce cases, the spouse receiving medical insurance from the other spouse is likely to lose their coverage if it is not specifically addressed in your divorce or separation agreement. Be sure to discuss your needs with your attorney.

Contact Us for More Information

The Divorce and Family Law Firm of Robert E. Hornberger, P.C. is experienced protecting the financial and insurance needs of our clients. If you have any questions regarding these issues, we will be delighted to assist you. Give us a call at 631-923-1910 to schedule a free complimentary consultation to discuss your needs and options.