Divorce is an overwhelming process to begin with and it only becomes more complicated when finances enter the picture.
New York, NY (PRUnderground) June 13th, 2018
“Clouded judgment can lead to some very bad financial decisions during divorce, including depression fueled frivolous spending and increased legal fees due to unnecessary litigation. Whether you’re preparing for divorce, or have already filed and are in the midst of your action, it is important to keep your finances in mind,” said Brian Perskin, Founding Partner of his own law firm.
Being able to finance a divorce and stay on your feet after can be stressful, but these five steps from Brian Perskin will set you straight when the time comes.
Know your financial situation: Maintenance, child support, and equitable distribution are all decided based on the income and assets of each party, and not knowing about your financial situation can result in lower support payments or unfair asset distribution. Using a financial checklist to keep track of financial accounts, liabilities, and insurance and property information will help make the divorce process easier.
Address joint accounts: Either bank accounts will be closed, or one spouse will give the other a portion of the funds and remove their name from the account. Marital debts are also settled during equitable distribution. Home mortgages, joint business ventures, and other loans will also need to be closed, transferred, or otherwise converted during divorce.
Plan ahead for your post-divorce life: Financial planners help their clients set a budget and grow their savings, which can fund going back to college, buying a new piece of property, starting a business, or simply going on a vacation. Whatever your new goals may be, it is imperative that you plan ahead and create a financial cushion.
Rebuild your credit: Raise your credit score by paying off outstanding debts, closing joint financial accounts, and consolidating loans. Some divorcees benefit from consumer credit counseling.
Hire a divorce attorney with a finance background: Your lawyer should be well versed in matrimonial and family law, but they should also have an understanding of the financial aspects of divorce. Attorney Perskin’s background in economics allows him to provide comprehensive representation to New Yorkers struggling with complicated financial divorces.
About Brian D. Perskin and Associates P.C.
Brian D. Perskin & Associates has earned a reputation as an aggressive firm dedicated to client service and the collaborative process. They employ a team approach to make sure their clients get the best possible representation. They work closely with forensic accountants and other professionals to protect their clients’ assets.
Original Press Release.