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Getting Divorced? Be Aware of What to Do and What Not to Do

| May 15, 2018 | Firm News |

Don’t Get Pregnant

Getting pregnant during a divorce can delay the process. In 2004, a Washington judge refused to grant a woman a divorce even though her husband was not the father of the child.

 

Don’t Make Major Financial Decisions

Don’t make any major financial decisions without consulting with your attorney.

Update Your Last Will & Testament and Advanced Directives

A Will is not revoked as a result of a pending divorce. A Will must be revoked, and a new Will created in order to prevent a former spouse from being entitled to any assets set forth in the Will and/or that are part of your estate. Remember to also, update a Health Care Proxy and Durable Power of Attorney to reflect your current life situation.

Taxes and Upkeep

Don’t forget to factor in the cost of property taxes and the cost to maintain a home. You may wish to retain the house you currently reside in or believe that a rental property would be better for you after divorce. However, you must remember to consider the cost of taxes and carrying charges such as upkeep and utilities of an owned residence and the tax benefits of owning a home as opposed to renting which may decrease your overall expenses over the course of the year. So just remember to take all factors into consideration and consult with your accountant or a divorce financial planner during the divorce process.

Don’t Accrue Any Debt

Getting a divorce can be a very expensive process. Considering that many people may find it difficult to pay attorney fees, rent, a mortgage or other expenses, it is important to refrain from increasing any unnecessary debt.

Don’t Settle Too Quickly

Some people make the mistake of settling too early in order to get out of a marriage as quickly as possible and end up forfeiting his or her future financial security, such as pensions, brokerage accounts, and other investments. More importantly, some individuals fail to negotiate health insurance coverage costs or long-term care policies.

It is important to never rush in settling a divorce case. Take your time to think about your and your children’s future financial security. An experienced divorce and family law attorney can help guide you through the divorce process and assist you in obtaining the best possible outcome for your future.

Ending a marriage is not easy, but it may be necessary. The staff at Fig Law, P.L.L.C. have experience representing spouses in all aspects of matrimonial law and can walk you through the complexities of divorce which can be overwhelming and emotional. Please contact Heather A. Fig at (631) 419-6111 to learn more about the firm’s services and approach to disputes.