According to the Centers for Disease Control, the divorce rate in the United States is around 2.3 per 1,000 people. Divorce can still be challenging and emotionally taxing despite this relatively low rate. Amidst the turmoil, it is important to consider how to protect...
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Amy M. Levine
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Can you keep the family home after your divorce?
Going through a divorce is undoubtedly a tumultuous time in your life. Amidst all the emotional and logistical changes, you may wonder about the fate of your family home. Staying in your house can be comforting, as it provides a sense of stability during an otherwise...
Can your ex-spouse move to another state with the kids?
Following your divorce, it is possible that you and your ex-spouse will lead very separate lives. If you have children together, though, then any decisions made by either party are likely to impact the entire family. If your co-parent expresses a desire to move to...
What To Know About a High-Asset Divorce
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The effect of parental alienation on child custody
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Before Filing For Divorce, Prepare Financially
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A divorce can be a difficult process for all members of a family. But, by making a few carefully thought out preparations, you can both protect your assets and ensure a smoother transition for everyone involved.
Initial Steps
Even before contacting a divorce attorney, you may want to make an exhaustive inventory of all marital assets. You will have to list property you own in divorce negotiations; preparing a complete tally in advance will make this simpler, help you avoid forgetting to disclose easy-to-overlook assets like pensions and assist your family law attorney in crafting a negotiation strategy.
Especially for collectibles, jewelry, art or other pieces of property whose value can be difficult to determine, appraisals often prevent conflicts later over how much a given item is worth. You should also ensure that you are aware of all your spouse’s assets that may not have ever been mentioned to you. Investment profits must be reported to the Internal Revenue Service, so examining tax returns is a relatively convenient way to uncover the existence of stock-trading accounts or other assets.
You will also want to begin thinking about how your financial life will change after the divorce. Prepare a budget projection to determine whether your individual income, in addition to any potential divorce settlement, will meet your expenses. Remember, if you wish to remain in the family home, take into account the substantial costs home ownership entails even beyond the mortgage, including things like utility bills, property taxes and upkeep expenditures. After a divorce, child care costs or visitation expenses can also become burdensome, and you should factor them in.
Finally, you should consider how your credit will be affected by divorce. It is possible that your spouse took on debts that you are liable for without your knowledge, or damaged your credit score by processing transactions through a joint account. Request your credit report and look for any irregularities. In addition, obtain a credit card in your own name to begin building your personal credit.
Ask Your Attorney
Of course, you and your attorney will need to contemplate many other matters together later in the divorce process. But, by addressing a few essential financial issues before entering into divorce negotiations, you may be able to secure a more fair and favorable settlement.
Amy M. Levine
View Profile
Our Latest Blog Posts
How can I protect my assets during my divorce?
According to the Centers for Disease Control, the divorce rate in the United States is around 2.3 per 1,000 people. Divorce can still be challenging and emotionally taxing despite this relatively low rate. Amidst the turmoil, it is important to consider how to protect...
Can you keep the family home after your divorce?
Going through a divorce is undoubtedly a tumultuous time in your life. Amidst all the emotional and logistical changes, you may wonder about the fate of your family home. Staying in your house can be comforting, as it provides a sense of stability during an otherwise...
Can your ex-spouse move to another state with the kids?
Following your divorce, it is possible that you and your ex-spouse will lead very separate lives. If you have children together, though, then any decisions made by either party are likely to impact the entire family. If your co-parent expresses a desire to move to...
What To Know About a High-Asset Divorce
Going through a divorce is a challenging and emotional process for everyone who faces this situation. It can be particularly complicated if you and your spouse have significant assets. With a thorough understanding of your rights, you can navigate complex financial...
The effect of parental alienation on child custody
Parental alienation is a malicious act, regardless of whether or not the offending parent is cognizant of their behavior. Any instance of one parent physically distancing their child from the other parent or unduly influencing the child's opinion of that parent can be...
Visit Our Blog