Many underestimate the financial complexities of the divorce process in New York. Unfortunately, this leads many to make errors that can negatively affect them for years after their divorce decree is signed. As such, taking the time to familiarize yourself with these matters is critical to ensure you can prepare for this process. The following blog explores what you should know about this difficult process and the importance of working with a Nassau County divorce lawyer to help you protect your finances.
What Financial Mistakes Are Most Common During a Divorce?
One of the most common financial errors made during the divorce process is failing to calculate all of your expenses. Unfortunately, you’ll find that rushing through your divorce can impact the outcome of matters like alimony and child support. If you fail to calculate these numbers, you may receive less than you need or end up paying more than necessary. In addition, failure to accurately compile your expenses can impact your ability to plan for life following your divorce. It’s important to take these matters seriously, as you’ll find that you may be drastically unprepared to live on your own again because the budget you created was not accurate.
Another common mistake often made during a divorce that can negatively impact your finances is making decisions based on emotions. It’s no secret that this process can be incredibly emotional. However, making decisions based on sentimentality or out of spite can negatively impact you in the long run. For example, you may want to fight to keep the family home during the divorce because of your emotional attachment. However, your judgment may be clouded by nostalgia, so you may not realize that you would be unable to afford the mortgage payments with your sole income. As such, it’s imperative to remain objective during this process.
Why Do I Need an Attorney If I’m Trying to Save Money?
If you are worried about making financial mistakes during your divorce, you may assume that hiring an attorney is counterintuitive. After all, there are a number of “Do It Yourself” divorce guides online that you can utilize, right? Unfortunately, one of the most common financial mistakes made during this process is trying to file for divorce on your own. Though you may save money upfront by forgoing legal representation, you’ll find that filing without an attorney leaves you susceptible to mistakes that will impact you for years following your divorce.
Often, the forms found online are not state-specific, meaning they contain language that could invalidate the document in your state. Additionally, if you do not complete the forms accurately and on time, it can lead to delays or the dismissal of your case. You’ll also find that you may not be familiar with the laws in your state or your rights regarding matters like alimony, child support, or property distribution.
Working with an attorney during this process can help you make the best decisions based on your circumstances. If you have decided to initiate the divorce process or you were recently served, connecting with an experienced attorney to guide you through these difficult matters is in your best interest. At the Law Offices of Jay D. Raxenberg, P.C., our team understands how complex these issues can be. That is why we are committed to exploring all avenues to help you fight for the best possible outcome during these matters. Contact us today to discuss your circumstances with a member of our team.
