Conducting a divorce on Long Island is not only stressful on both parties involved but it’s also costly. When considering divorce, it’s common to be wary of your financial future. There are numerous financial aspects to be aware of when going through a divorce. In general, your finances can be classified into four categories: assets, liabilities, income, and expenses. If you are seeking out a divorce lawyer in East Meadow to be by your side, consider contacting Simonetti & Associates. We will ease the financial stress of your divorce and guide you through every step along the way.
The Basic Finances of Divorce
As mentioned, your finances can be divided into four basic categories: assets, liabilities, income, and expenses. It is important to understand these groups in order to properly handle your finances during your divorce. The following list includes some of the topics you may want to go over with a divorce lawyer in East Meadow:
- An asset is something that has economic value to the individual that owns it. In terms of a divorce, assets can be incurred by one spouse or both throughout a marriage.
- Examples are savings accounts, cash, real estate investment trusts, bonds, etc. When pursuing a divorce, assets are typically more valuable to the lower-income-earning party. However, assets have different tax consequences. For instance, retirement assets are before tax asset.
- Every couple has different sets of assets and each requires individualized attention; therefore, it is important to seek professional help from a divorce lawyer in East Meadow when assets need to be divided.
- A liability is finances owed that must be tended to or paid from the current date onward, or until they are paid back to the respective party.
- Some examples of liabilities can be a car payment, income taxes, interest, etc.
- When going through a divorce it is crucial to acknowledge any and all future payments.
- Upon getting a divorce, it is imperative that you develop a budget. Income is a very important detail when formulating your financial plans and intentions.
- It is normal for your income to decrease post-divorce. You must account for all forms of income, including investments and spousal/child support. In order to reduce stress and stay organized, a divorce lawyer in East Meadow will help you formulate a solid financial plan.
- Expenses can become very overwhelming when going through a divorce. In general, they can be divided into larger, general categories: household, automobile, children, insurance, debts, and miscellaneous.
- In respect to your home, there are many expenses such as rent or a mortgage, utilities, maintenance, housekeeping, and food. If you own or rent an automobile you will have expenses to maintain it and pay insurance.
- If there are children involved in your divorce, they can be considered an expense. Health insurance, life insurance, car insurance, etc, are all crucial expenses to consider when creating a budget.
- Debts can become a big burden in a divorce. Perhaps you have student loans, retirement debts, and/or credit card debt. Miscellaneous expenses can be incessant and can vary, such as counseling or uninsured medical expenses.
How a divorce lawyer in East Meadow can help:
Obviously, there are numerous financial aspects of divorce. It is difficult to bear the burden of finances during such a trying time, which is why it is smart to hire help. If you have been in search of divorce help and guidance, Simonetti & Associates’ divorce lawyers in East Meadow want to help. Seek assistance and contact us today!