Divorce is an emotional process for everyone involved – not just for the separating spouses but also for the children as well. With so much tension in the air, it can be difficult to remember that a divorce is also a financial transaction. Your marriage has likely acquired joint property and assets during its lifetime; the divorce must separate these in a way that is equitable for everyone involved.
Your New York divorce attorney can help you navigate the financial side of a divorce in many ways.
While every divorce is different, here are some of the common obstacles that can raise the final financial cost of a divorce:
- Evaluating a family business, especially one launched during the marriage;
- Evaluations of financial positions in high-net-worth divorces;
- Custody and support disputes; and
- The need for special experts, like a forensic accountant or co-parenting counselor. While rarely required, these services can drive up the final cost of a divorce.
How can you help reduce the final “price tag” on a divorce – and help lower your stress levels at the same time? The following tactics are often worth a try:
- Talk to a lawyer early. When you have confidential advice from an attorney who is solely on your side, you can make better decisions early in the process, saving time and struggle.
- Focus on maintaining open communication as much as possible. The more you and your spouse can agree on issues like property division, child custody and child support, the less you will need to involve the courts – and the lower your costs will be.
- Learn everything you can about your marriage’s financial health, your shared assets, and the needs of your children. The “hard numbers” can give you a valuable anchor for your thinking when emotion threatens to pull you off course.
For immediate assistance with your divorce case in Long Island, reach out to the experienced divorce attorneys at the Law Offices of Paul A. Boronow, PC today.