• Personalized Representation

    Work directly with your attorney every step of the way.

    Boutique Law Firm
  • Navigating the Divorce Process

    Get the guidance you need throughout this difficult time.

    Divorce Process
  • Stay Close to Your Kids

    We can help you protect your relationship as a parent.

    Child Custody
  • We Offer a Free Consultation

    Contact us today to learn how we can help you with your case.

    Get Started Today

Avoid These Financial Mistakes in Divorce

Considering that this is likely your first divorce, you're going to be faced with many decisions that will impact your financial security. You may be comfortable deciding on some issues on your own, but with some of them, it's critical that you seek advice from a Nassau County divorce lawyer and a financial professional.

Don't make these common financial mistakes in divorce, otherwise they could affect you financially for years to come.

  • Underestimating your monthly expenses. While most people know how much they earn each month, they can't explain where all the money goes. Write down all of your monthly expenses and develop a realistic monthly budget. Don't forget to estimate inflation, otherwise you could underestimate your future needs and have trouble maintaining your quality of life.
  • Being too attached to the marital residence. While it's nice to keep the house, especially when you have children, it may not be the best financial decision. No matter how attached you are to your home, you must be able to afford it. If you give up other assets to keep the house and you can't cover the mortgage, property taxes, and maintenance, you could end up in a bad financial situation.
  • Not securing spousal and child support with insurance. Remember, your ability to collect spousal support and child support is only as good as your spouse's ability to pay them. You can ask that your spouse obtain disability and life insurance to ensure that these payments continue if your ex becomes disabled or dies.
  • Not understanding that you're liable for unsecured debt. Usually, if debt was incurred during the marriage, both spouses are liable for the debt, no matter whose name is on the credit card. Don't assume that the credit card companies care what your divorce decree says; they can still come after you for payment. The best practice is to pay off all credit card debt before the divorce is finalized.
  • Ignoring your long-term financial security. If you focus on getting the divorce over without considering how things will look in 10 to 20 years, you're doing yourself a disservice. If you have significant assets, it's wise to hire a financial planner to review your spouse's proposed settlement before you sign it, and to be advised on the long-term financial consequences.

Contact our office for a free case evaluation with Nassau County Divorce Attorney, Jason M. Barbara!

Categories: Divorce

Serving All of New York

We stand ready to offer our legal service and knowledge to improve your situation.

Contact Us

Jason M. Barbara & Associates, P.C.
Located at: 3 Dakota Dr,
Suite 300,
New Hyde Park, NY 11042
View Map

Phone: (516) 406-8381
Local Phone: (516) 775-5557
Website:
© 2017 All Rights Reserved.

Disclaimer

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.