Getting divorced can be complicated and expensive. Unfortunately, it can be easy to overlook essential financial details during the divorce process. Here are a few monetary details to keep in mind when navigating a marital breakup in New York.
Common mistakes business leaders make during divorce
Perhaps a spouse getting divorced plans to seek spousal and child support from the other party. This individual may also want to buy a disability insurance policy for the other party. This may help protect the party receiving child and spousal support, as individuals are more prone to becoming disabled than to passing away.
Another important financial item to consider during divorce is health insurance. One spouse may no longer have access to the other party’s coverage, so he or she might have to budget for the added expense of buying his or her own policy, with premiums potentially costing as much as $1,000. Individuals over 50 may also want to buy long-term care insurance for themselves as they iron out their divorce details.
How a family law attorney can help
Identifying all assets is yet another important financial step to take during divorce in New York. A family law attorney can help a person going through a divorce understand his or her property and income to ensure he or she enters into a divorce settlement with a thorough understanding of his or her entire financial picture. The attorney will strive to ensure the individual’s rights and best interests are safeguarded during each stage of the divorce proceeding.