Make sure you have knowledge of all household finances. If a spouse manages all of the economic decisions and earnings, that spouse will have an advantage in the divorce. It is important to be aware of what household expenses cost, as well as any joint earnings or holdings. You should gather as much knowledge as possible about all accounts, such as checking and savings accounts, bank statements, retirement account records, tax returns, and credit cards statements.
If possible, mediation is an option to consider as long as both parties are ready, willing, and able to work together to reach an equitable settlement. Mediation is less expensive and may help save a lot of money in attorney fees. Mediation is a voluntary process where an evaluator who is an unbiased third-party will meet with both spouses in order to come to an agreement.
Spouses should collaborate with an accountant planner in order to reduce any tax liability following the divorce because both parties are essentially liable for any taxes that may be due. Additionally, it is important to keep in mind that even if a 50/50 split of the assets occurs, there may be a tax consequences in the event the property is liquidated or if the ownership is transferred.
Do not undervalue living costs when completing a budget so that enough finances are set aside.
Evaluate Proposed Settlements
A settlement may affect future finances such as income, living expenses, assets and child support. It is important to evaluate what a post-divorce lifestyle will resemble. It is important to remember that a divorce settlement needs to last as long as possible.
The lawyers at Larry McCord & Associates,LLC have experience representing spouses in all aspects of matrimonial and family law litigation. The complexities in divorce and custody cases can be overwhelming and emotional. Contact Larry McCord and Associates, LLC at (631) 643-3084 to put an experienced Long Island divorce lawyer on your side.