The process of getting divorced typically takes about one year. However, finalizing a divorce may take two years or longer when the parties are trying to figure out how to divide significant or complex marital assets, like real estate. Here are a couple of tips for navigating the financial aspect of a potentially long marital breakup process in New York.
Tips for protecting one’s finances during divorce
Individuals getting divorced may be wise to plan ahead by ensuring they can financially support themselves while their marital breakup details are ironed out, especially if they have high-value assets like businesses. This includes determining their current expenses and incomes and calculating how these numbers might change during and after the divorce. These individuals might need to get jobs or higher-paying positions to make ends meet after filing for divorce.
Spouses going through a divorce may also want to get separate credit cards. This may help them build credit individually. Building credit is necessary if they plan to buy or rent new homes following the marital breakup.
How an attorney can help
Seeking the help of an attorney as soon as possible is a smart move for individuals who plan to get divorced and have hard-to-value marital assets, like racehorses, rare coins, art collections and investments in private equity. A family law attorney in New York can help a client determine the most personally favorable way to divide these assets and explain the possible tax repercussions of his or her asset distribution decisions. The attorney will ensure his or her client’s rights and best interests are protected during each phase of the divorce proceeding.