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New York divorce: Think ahead, not just in the moment

Though easier said than done, thinking ahead when in the midst of divorce is important. Why? Failing to do so can have a significant impact on one’s post-divorce financial situation. It is not uncommon for couples in New York or elsewhere to want to finalize their divorce proceedings as quickly as possible. However, this does not mean that either party has to walk away from his or her fair share of assets.

The division of assets is, for most, not an easy task. Without a prenuptial agreement — and sometimes even with such a contract — all marital assets are generally up for grabs — so to speak. There are those who may make decisions that will negatively affect their future financial situations.

Before making any drastic decisions, it will be helpful for a person to consider his or her post-divorce income, retirement savings and expenses. This may include cost of living, child care expenses and income changes — among numerous other things. Utilizing the assistance of a financial adviser, if desired, can give a person a clearer picture of how certain asset division terms will affect him or her down the road.

Thinking ahead and not in the moment can be hard when it comes to divorce proceedings. This experience is often an emotional roller coaster from which one cannot wait to be removed. Spouses, whether in New York or elsewhere, who choose to end their marriages and move forward need to be prepared for how difficult these processes can be, and will typically benefit by gaining an understanding of how future finances may be affected by the decisions made regarding the division of assets. Failing to take stock of the situation as a whole, which includes looking ahead to post-divorce life, can have negative economic consequences from which one may struggle to recover.

Source: thefiscaltimes.com, “Divorce: 3 Mistakes That Will Crush Your Financial Future”, Kathryn Tuggle, May 28, 2015

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP

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