How to Set Yourself Up for Success in Your Divorce
Many divorced people wish they had gone into their Long Island divorce better prepared, especially when it came to asset division and alimony payments. This is true for those who were not the main income earner or were a stay-at-home parent who made non-monetary contributions to the household, but also for the main breadwinner. Taking some time to plan out your divorce before jumping in feet first will help you avoid regrets over a less-than-ideal result for many years to come. Here are few pointers to help you succeed before, during and after your divorce.
Get a Prenuptial or Postnuptial Agreement
Planning a wedding is a joyful experience that will ideally lead to at least several years of wedded bliss. Nobody wants to think that their union could end in divorce, but we all know that statistically, roughly half of all marriages do. This is why prenuptial agreements are important to consider before being married. Consider listing your real and personal property before the wedding, formally documenting your ownership of business holdings, real estate property, checking and savings accounts, shares, pensions, retirement accounts, and all other assets of value prior to the marriage. Contacting a Long Island family law attorney for the drafting of a prenuptial or postnuptial agreement can help you ensure your assets are properly protected in the event of a future divorce.
Keep Thorough Financial Records During Your Marriage
During the union, keep comprehensive financial reports, including records of all federal and New York state tax filings, bank account statements, insurance plans, and all other documentation related to significant assets. You should also include debts or liabilities you have. If you don’t have time to generate and save monthly financial statements on a regular basis while living, keeping a house, and raising a child, consider downloading them at least quarterly or at the end of every year.
Look for resources to help you get an idea of your family’s total expenses, including necessities like housing, food, clothes, personal care, and extras like gifts, travel, and entertainment. Your listed expenses should also cover any costs related to raising your children, including education, childcare, and extracurricular expenses where appropriate.
Focus on Your Future After the Divorce is Final
People involved in a divorce on Long Island are frequently enveloped in the present and forget to plan for the future. However, it’s critical to ask now what you need to be happy and successful in your newly independent life after divorce. Divorcing couples also struggle to determine the next plan of action because they lack certainty on their priorities and goals. For example, before fighting to win the marital home, you should first determine if you will be able to handle the maintenance and mortgage payments. Then decide whether you can feasibly keep it or if you would benefit more with an agreement that provides you with enough time to find a new place as well as a deadline for leaving and taking your equity along with you.
Mediate Your Divorce, If You Can
Despite the fact many divorces are settled without going through litigation, most couples spend large sums of money planning for divorce lawsuits that never take place. Simultaneously, they also neglect to plan for the negotiations that will ultimately decide the outcome of the divorce and matters like child custody and visitation. If you and your spouse are on speaking terms and can agree to most of the important issues in your divorce, it’s very likely that your divorce could be resolved with divorce mediation, so you may benefit more from starting with mediation first to determine if it’s a viable option for you to save time and money on dissolving your marriage.
Allowing your divorce mediator to pressure you into a resolution during your first meeting with them generally is not a good idea, even if it initially seems to be. Rather, ask for a copy of the proposed arrangement and consider it for a period of time. You can and should speak with an experienced divorce attorney before signing on any dotted lines.
Contact Hornberger Verbitsky, PC Today for a Long Island Divorce Consultation
Even the most straightforward divorce can be extraordinarily difficult. Both you and your partner are on an emotional roller coaster that takes time to resolve. It is important to hire an experienced Long Island divorce lawyer to represent your best interests and ensure that the process of dissolving your marriage runs as smoothly as it can. The right lawyer for you will be there for you with an unemotional eye at each stage of the process, ensuring that your divorce is as painless as possible.
Choose a divorce and family law practice that has handled a variety of divorce cases for your best chance of success. Call Hornberger Verbitsky, PC today for a consultation at 631-923-1910 or fill out the short form on this page for more information.
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