How Can You Financially Prepare for Divorce?

Mar 13, 2020

Divorce can have significant financial setbacks. To minimize the effect a divorce may have on your finances, you should consult with an experienced divorce attorney. The Brighton Beach NY divorce lawyers from Levitsky Law Firm understand how to be prepare for divorce and the issues that may arise.

How can a divorce affect you financially?
In a divorce, the assets and debts of the parties are divided. This could include investment accounts, stocks, retirement accounts, bank accounts, personal property, and real property. Also, if both spouses worked, you will be placed in a situation where you no longer share in paying for certain expenses. There could also be requirements to pay child support and spousal maintenance imposed in the divorce.

All of this could result in loss of assets and a hit to your financial standing. Some of your financial planning goals may be adversely affected. Divorce could result in forcing you to start over financially to return to your prior status.

How can you prepare financially for divorce?
To prepare for the financial implications of divorce, you should carefully review your finances. You will want to consult with tax and other financial professionals to discuss possible options. You will want to make sure you have a complete outlook of your assets and financial obligations.

An attorney can help you protect certain assets and take steps to maximize what you will receive in the divorce. The specific plan of action varies in each case, but an attorney will be able to identify ways to benefit your situation.

Why should you work with an attorney?
Brighton Beach NY divorce lawyers understand how the law applies to a divorce. They will help you know what to expect. Our lawyers can also help you develop ways to minimize the financial effects of a divorce.

If you are considering divorce, then contact Levitsky Law Firm to discuss your case.