Coastal living on Long Island’s South Shore brings beautiful views and real-world complications. When a divorce involves a home in a FEMA flood zone or a house recently hit by a nor’easter or hurricane, the usual property division playbook needs tailoring. Market value can swing, repair timelines rarely cooperate with court schedules, and insurance proceeds do not always arrive when they should. The good news is that New York’s equitable distribution framework is flexible enough to account for these realities if the issues are surfaced and documented the right way.
Courts and negotiating parties look first to fair market value and net equity. For a flood-zone property or a home with recent storm damage, that means more than a standard appraisal. Lenders and buyers will ask for elevation certificates, flood insurance declarations, and verifiable repair histories. A credible valuation package should include a licensed appraisal, a contractor’s scope with line-item costs, permits pulled or needed, and any open insurance estimates or claim denials. If repairs are incomplete, a “subject to completion” appraisal plus a cost-to-cure addendum can be used to estimate value fairly.
A common problem is the “zombie discount,” where one spouse argues the house is worth dramatically less simply because work is pending. The fix is to separate damage already addressed (with receipts) from remaining items priced by written estimates, then credit the difference in the settlement. This keeps negotiations grounded in real numbers instead of fear or optimism.
If the flood or wind claim was opened during the marriage, the right to collect is usually treated as marital property, even if the check arrives after separation. The same analysis often applies to hazard insurance, FEMA grants, or other disaster aid connected to the home. The cleanest approach is to list each expected or received payment, earmark it to either reimbursement for specific repairs, personal property loss, or alternative living expenses, and then decide how those funds are allocated.
Two practical options work well on the South Shore:
1) Treat proceeds as part of the home’s net equity calculation. Insurance dollars used for structural repairs increase value and are accounted for when equity is split.
2) Keep a dedicated “repair escrow.” The parties agree that any pending or future proceeds are deposited into a repair account and paid out to contractors as work is done. Remaining funds are then divided on a set date.
Either path prevents a windfall to one spouse and keeps the house marketable.
Storms create timing problems. Often one spouse advances repair costs on a credit card to dry out a basement or replace a boiler. In New York, a spouse who pays for necessary post-separation repairs that preserve the asset can request a credit in equitable distribution. Provide invoices, proof of payment, photos, and, if possible, a contractor letter linking the repairs to storm damage or habitability.
The flip side is “waste.” If a spouse ignores known water intrusion, lets a tarp fail, or cashes an insurance check without applying it to repairs, the other spouse can seek a distributive credit for the avoidable loss in value. Documentation controls both arguments, so gather it early.
A buyout may still make sense if the staying spouse can comfortably carry a mortgage that includes current flood premiums. Lenders will underwrite to today’s insurance rates, not last year’s. Premiums can rise after a claim, after a new FEMA map, or after a substantial improvement triggers elevation or compliance work. Before finalizing a buyout price, confirm the quoted flood premium, any ICC (Increased Cost of Compliance) requirements, elevation needs, and the cost of bringing utilities, mechanicals, and lower-level finishes to code.
If the parties lean toward a sale, protective language helps. Use a listing strategy that allows repairs to finish, includes required seller disclosures, and anticipates lender conditions like final permits and closed-out inspections. If storms are active during the listing period, a short extension clause tied to contractor availability and adjuster timelines can keep an otherwise good deal from collapsing.
Storms can leave administrative residue. A forbearance after a hurricane, a SBA disaster loan, or a contractor’s mechanic’s lien can stall closings or complicate a refinance. These items should be identified on a title run or credit pull and specifically addressed in your settlement. Decide who is responsible, when it must be satisfied, and whether the obligation reduces the distributable equity or is paid off the top before any split.
Open permits are common on flood-repair projects. Courts and buyers care that work is done to code. If a basement was finished pre-storm below base flood elevation and now must remain storage only, capture that reality in the valuation and avoid making promises a building department will not approve. The settlement should allocate responsibility for closing permits and paying any related costs.
South Shore homes often need time to dry and rebuild. If one spouse stays temporarily, set clear rules. Define who pays utilities and standard upkeep and who schedules contractors. If the home is not safely habitable, consider use and occupancy elsewhere, funded from temporary support, a short-term advance on equitable distribution, or part of the expected insurance proceeds. Putting safety first avoids later disputes over health, mold, or unpermitted work.
Storm repairs, insurance payouts for dwelling versus contents, and casualty losses can have tax effects. Coordination with a CPA is prudent when six-figure repairs or large checks are in play. At minimum, keep a folder with insurance summaries, contractor invoices, permit receipts, and before-and-after photos. These records help with basis adjustments on a future sale and reduce arguments about who paid for what.
Equitable distribution does not require a 50-50 split. It asks what is fair based on the facts. Flood risk, higher carrying costs, a long road to complete repairs, or the effort one spouse spent managing contractors are factors a court can weigh. The remedy might be a slightly larger share of the equity, a credit for out-of-pocket expenses, a staged buyout that adjusts to final repair costs, or approval of a sale with defined timelines and price protections. The key is a record that ties each request to real documents and real dollars.
Dividing a coastal home is not just math. It is logistics, insurance, construction, and timing layered on top of New York law. When the file includes elevation data, true repair costs, and a clear plan for either refinancing or listing, settlements tend to hold and closings tend to happen. When those pieces are missing, both sides get stuck waiting on adjusters, inspectors, or lenders, and value leaks out while the calendar turns.
If your marital home sits in a South Shore flood zone or has active storm repairs, build a plan that respects those realities. Decide early whether you are repairing to keep or repairing to sell. Price the work, set responsibilities, and lock it into your agreement so the property remains financeable and marketable.
Chris Palermo’s team regularly helps Long Island families divide property that sits in coastal and flood-prone areas. If you need a strategy for valuing, repairing, buying out, or selling a South Shore home during divorce, contact the office for a focused consultation. A practical plan now can save months of stress later.
Owning a business and going through a divorce can feel like trying to steer a boat in choppy Great South Bay waters. The good news is that New York courts deal with this situation every day, and there are predictable steps we can take to protect the company you built and reach a fair outcome.
In New York, assets are divided under equitable distribution, which focuses on fairness, not a strict 50–50 split. Whether a business is part of the marital estate depends on how and when it was created, funded, and grown.
You cannot divide a business fairly until you know what it is worth. In most cases we retain a credentialed business valuation expert. That expert chooses recognized methods based on the company’s nature, size, and records.
Goodwill is a common flashpoint. Enterprise goodwill is tied to the business itself, like brand reputation or location, and is generally included in value. Personal goodwill belongs to the individual owner’s skills and relationships. Courts are careful not to overvalue personal goodwill because you cannot transfer a person’s reputation like you transfer a truck or a lease.
If a pre-marital business grew during the marriage, the court looks at why. Growth caused by the owner’s active work or by marital contributions tends to be marital. Growth from market forces, like a pandemic boom in a specific industry, can be considered passive and may remain separate. This distinction matters for service firms and small local shops where an owner’s day-to-day effort drives results.
A Babylon divorce should not sink your operations. Early in the case, we typically seek temporary orders that keep the business running and prevent either spouse from moving money in unusual ways. Day-to-day decisions stay with the operating spouse, while major changes, like selling assets or taking on new debt, usually require consent or a court order. We also use nondisclosure agreements and protective orders so that sensitive records, customer lists, and pricing stay confidential during discovery.
Expect to gather tax returns, profit and loss statements, balance sheets, general ledgers, bank and credit card statements, payroll reports, lease agreements, loan documents, customer contracts, and any ownership or governance paperwork. Clean, complete books reduce the cost of valuation and strengthen your negotiating position. If records are messy, we can work with your accountant to rebuild what is needed.
Most business-owner divorces settle. Here are common structures that work well on Long Island:
When the business is valued using income, there is a risk of double counting if that same income is used again to set high support numbers without adjustment. New York courts are mindful of this, and careful lawyering can prevent a result that forces the owner to pay an amount the company’s cash flow cannot sustain. The goal is a total package that fits together: equitable distribution, maintenance, and child support that match the real capacity of the business.
Structure matters. An S-Corp, LLC, or sole proprietorship can have very different tax treatments. A buyout paid as a distributive award is usually not taxable to the recipient nor deductible by the payor, but maintenance has its own rules. We coordinate with your CPA so that buyouts, refinancing, or asset transfers do not create surprise tax bills. We also map payments to seasonal cash flow, which is critical for retailers, restaurants, contractors, and other Babylon businesses with busy and slow periods.
If you or your spouse owns a professional practice, like a medical, dental, legal, or design practice, the license itself is not divided as property in New York. The practice value can be divided, but personal goodwill is scrutinized closely. Non-owner spouses who contributed at home or worked in the office may receive credit for those efforts as part of equitable distribution.
Courts recognize non-owner contributions. If your spouse managed the books, took calls, covered childcare to free you to work, or helped launch the company, those efforts can support a larger share of the marital portion. On the flip side, if the owner took a below-market salary to reinvest in growth, we show that sacrifice to explain where the value came from.
Every plan starts with your priorities. Some owners want to keep the company at all costs. Others prefer a clean exit with predictable payments. At Chris Palermo Law, we focus on early valuation strategy, confidentiality, and cash-flow-aware settlement terms. We know the Suffolk County courts, local experts, and the practical expectations that move cases to resolution without putting your livelihood at risk.
Your small business does not have to become a casualty of divorce. With a careful valuation, the right protective orders, and a settlement that respects cash flow and taxes, you can preserve what you built and move forward with clarity.
If you own a business in Babylon and want a plan tailored to your situation, contact Chris Palermo for a confidential consultation. Let’s protect your company while securing a fair resolution for your family.
Untangling a shared life is not only emotional, it is technical. In Suffolk County, the court’s job is to divide what spouses acquired during the marriage in a way that is fair. “Fair” in New York does not always mean “equal.” Understanding how judges perceive fairness, what constitutes marital property, and how assets are valued can make the process more predictable and less stressful.
New York follows equitable distribution. That means the Suffolk County Supreme Court divides marital property in an equitable manner based on the facts of the case. An equal split is possible, but it is not guaranteed to occur. Judges weigh statutory factors that include the length of the marriage, each spouse’s income and resources, the health and ages of the parties, contributions made as wage earners and homemakers, child-related needs, tax consequences, wasteful dissipation of assets, and any other circumstance the court finds important.
Everything starts with classification.
Two important wrinkles matter in Suffolk cases:
Valuation is a practical exercise. Courts usually fix values close to the trial or settlement date, using documentation, appraisals, and expert testimony. Common approaches include:
The home is often the largest asset and the most emotional. Expect several common outcomes:
Exclusive occupancy can be ordered temporarily if there is domestic strife or a strong child-centered reason. Be prepared to discuss upkeep, taxes, and repairs, since these affect both equity and cash flow.
Retirement savings accumulated during the marriage are usually marital, even when the account is only in one spouse’s name. For defined contribution plans like 401(k)s or IRAs, the marital portion is divided by the balance. For defined benefit pensions, Suffolk judges often use a time rule to determine the marital share and then allocate that share between spouses through a QDRO. Fees for plan review and drafting are typically shared or paid from the account before distribution.
Interests in a business formed during the marriage are generally marital. If a business predated the marriage, the appreciation attributable to a spouse’s efforts during the marriage can be marital. Since 2015, New York no longer treats a professional license or degree itself as a divisible asset. However, contributions to a spouse’s education or career can still be recognized through a distributive award or in maintenance.
Equitable distribution addresses liabilities as well as assets.
Valid agreements control property division, often carving out specific assets as separate and setting formulas for dividing others. Enforceability typically turns on proper financial disclosure, independent counsel, and the absence of coercion. If an agreement exists, bring it and all financial schedules to the first attorney meeting.
Taxes can meaningfully change what a percentage split is worth. Examples:
Property division interlocks with child-related issues. A court may award temporary exclusive occupancy of the home to reduce disruption for children. Parenting time schedules can shape decisions about where each parent lives, the timing of a sale, and whether a buyout is realistic on one income. These issues are coordinated so the financial plan supports the parenting plan.
Property division in a Suffolk County divorce is a structured process guided by New York’s equitable distribution rules. Results turn on careful classification, credible valuation, and practical choices about taxes, debt, and cash flow. Good preparation often leads to faster, more balanced settlements and fewer courtroom fights.
Thinking about next steps? Chris Palermo helps Suffolk County families resolve divorce and property division issues with a clear strategy and practical solutions. For a confidential consultation, contact the firm to discuss goals, likely outcomes, and a plan tailored to the facts of the case.
When couples decide to end their marriage, the emotional toll is often only the beginning. The financial side of divorce, especially in a place like Suffolk County, can quickly become overwhelming if you’re not prepared. From court filing fees to legal representation and everything in between, understanding what goes into the cost of divorce can help you make smarter decisions as you move forward.
In Suffolk County, the court filing fees for an uncontested divorce typically start at $335, which includes the Index Number ($210), Request for Judicial Intervention ($95), and additional document processing. However, these are just the basic administrative costs. If your divorce becomes contested or involves additional motions and court appearances, those fees can increase substantially.
For example, suppose you need to file an Order to Show Cause, request a temporary support order, or bring in third-party experts like forensic accountants. In that case, you’ll likely pay additional court-related fees. While these costs are standard across New York State, they’re an essential baseline to keep in mind.
One of the biggest factors that affects the overall cost of divorce is whether it’s uncontested or contested.
Divorce attorney fees in Suffolk County can vary depending on experience, reputation, and complexity of the case. Most attorneys charge by the hour, with rates typically ranging from $300 to $500 per hour.
Some attorneys may offer flat fees for uncontested divorces, especially if no children or substantial assets are involved. But in most cases—especially contested divorces—you’ll be billed hourly. The more time your attorney spends reviewing documents, filing motions, appearing in court, and negotiating with the opposing side, the more you’ll ultimately pay.
Here are a few more expenses that can affect your total divorce costs in Suffolk County:
Don’t forget to account for temporary maintenance or child support that may be awarded while the divorce is pending. In some situations, the higher-earning spouse may be required to provide financial support during the divorce process, which can place an added financial burden even before final orders are issued.
If you are the spouse leaving the marital home, you may also need to secure new housing, which adds to your short-term expenses.
If you’re concerned about the cost of your divorce, there are proactive steps you can take:
While divorce can be expensive, cutting corners on legal representation often leads to mistakes that cost even more in the long run. A poorly drafted agreement or a rushed property division can create serious financial headaches down the line. Working with a knowledgeable divorce attorney ensures your rights are protected and that you walk away with a fair outcome.
Divorce is never easy, but understanding the potential costs can help you make smart, confident decisions. If you’re facing a divorce in Suffolk County and want clear guidance, compassionate support, and experienced legal representation, reach out to Chris Palermo. With over thirty years of combined experience between Chris and his partner, Riley Perry, the team is committed to helping you navigate divorce with dignity and clarity—while keeping your financial future intact.
Picture this: you’ve just made the heart-wrenching decision to end a marriage, and the emotional weight feels heavy enough. Then the dollars and cents start swirling in your head. How will you keep the roof over your head? Can you cover daycare on a single income? These worries are common for Suffolk County residents moving toward divorce, and that is precisely where spousal support (often still called “alimony”) steps in. Let’s break down what maintenance is, how New York courts calculate it, and practical steps you can take to secure the financial breathing room you need.
New York’s Domestic Relations Law now uses the term “maintenance”, but everyday folks (and plenty of lawyers) still say “alimony.” Whatever label you use, it’s a court-ordered payment from the higher-earning spouse to the lower-earning spouse to ease the transition from married life to financial independence. In Suffolk County, judges follow statewide guidelines but retain considerable discretion once they’ve run the numbers.
New York employs a two-step formula that accounts for each spouse’s income. As of 2025, the income cap used in the calculation is $203,000. Judges take:
The court chooses the lower of the two figures, with a final cap to ensure the recipient isn’t awarded more than the payor actually earns. If either spouse’s income exceeds $203,000, the judge may consider the excess, but only after weighing the statutory factors (see next section). While the math can look intimidating, the important takeaway is this: the guideline is a starting point, not the last word. Your unique facts still matter.
Judges in Suffolk County must weigh 15 factors under §236(B)(6), including:
By preparing clear documentation such as pay stubs, tax returns, childcare receipts, and even a résumé, you empower the court to see the full picture rather than a cold printout from a software program.
New York suggests ranges tied to marriage length:
For example, if you were married for 12 years, the statutory guideline suggests support between 1.8 and 3.6 years. A judge can deviate up or down so long as they explain why. Common reasons include disability, an infant child at home, or a significant disparity in retirement savings.
Life rarely stays still. Suppose you lose your job or your ex doubles their income. Either party may petition the Suffolk County Supreme Court for a modification by showing a substantial change in circumstances. Remarriage or cohabitation by the recipient often terminates support, but read your judgment carefully—some orders require a new court filing, while others end automatically.
If a former spouse falls behind, New York gives you several enforcement avenues:
Act quickly; judges dislike arrears piling up because they create hardship and hostility.
Thanks to the Tax Cuts and Jobs Act, maintenance is no longer deductible for the payor, nor is it considered taxable income to the recipient for divorces finalized after December 31, 2018. Budget accordingly; that change often shifts negotiations because the higher-earner no longer harvests a tax benefit for writing the checks.
While online calculators offer ballpark figures, real cases hinge on narrative and nuance. An experienced local attorney:
Divorce is never just paperwork; it’s a pivotal moment to secure stability for yourself and any children who rely on you. If you are wondering whether you can obtain spousal support in Suffolk County, let’s talk. Chris Palermo has guided Long Islanders through complex maintenance cases for more than two decades, blending sharp legal strategy with down-to-earth advice. Reach out today and schedule a confidential consultation to chart your next chapter with confidence.
Money worries keep many New Yorkers awake at night, and those worries can intensify when a marriage ends. Couples on Long Island often own homes worth six or seven figures, maintain significant retirement savings, and juggle complex debt. If you are considering or facing divorce, protecting what you have built is just as important as protecting your peace of mind. Below are practical, attorney-tested steps you can take today to protect your financial future while your case proceeds.
New York applies the doctrine of equitable distribution. That means marital property is divided fairly, not always equally. Separate property, such as assets you owned before the marriage, inheritances kept in your name, personal gifts, and compensation for personal injury, pain, and suffering, usually stays with you. Mixing separate funds with marital accounts can blur the lines, so identify and document distinct sources now—a clear paper trail positions you to prove that an asset should remain yours.
Gather the last three to five years of:
Store digital copies in a secure, password-protected drive and keep hard copies at a trusted friend’s home or in a safe-deposit box. Early organization prevents surprises, stops documents from “disappearing,” and gives your divorce team a running start.
New York courts require detailed financial disclosure, but you will save stress by building your master list before formal demands arrive. Include:
An honest inventory reduces litigation over hidden money and ensures nothing slips through the cracks.
If you own a local restaurant, medical practice, tech startup, or any closely held company, the business may be considered marital property even if your spouse never worked there. Steps to protect value include:
A seasoned Long Island divorce attorney can coordinate forensic accountants so you can preserve operational control.
Pensions, 401(k)s, IRAs, and military or teacher retirement plans can be worth more than the family home. Contributions made during the marriage are usually marital property, but division is not automatic. Protect yourself by:
New York courts can issue temporary orders covering spousal maintenance, child support, and who pays which household bills while the divorce is pending. If your spouse controls the purse strings, a temporary order can ensure you have funds for living expenses and legal fees, preventing financial coercion.
Judges frown on spouses who run up new credit-card debt, sell collectible cars for cash, or withdraw large sums “for safekeeping.” Such dissipative conduct can result in sanctions or a smaller share of the marital estate. Protect yourself by:
If you suspect your spouse is hiding or wasting assets, raise the alarm with your attorney quickly so subpoenas can be issued.
Zillow estimates and quick online calculators seldom hold up in court. Hire a certified residential appraiser for each property and reputable experts for art, classic cars, or wine collections. Precise appraisals reduce disputes when you later negotiate who keeps or buys out each item.
Unusual cash withdrawals, missing bank statements, or a sudden drop in business revenue may indicate asset concealment. A forensic accountant can:
The cost of hiring specialists is often outweighed by the dollars they recover.
Litigation can drain assets faster than almost anything else. Mediation and collaborative approaches allow couples to craft tailored financial settlements, often with lower fees and less public exposure. When both parties commit to transparency, these methods can preserve goodwill and wealth alike. Work with an attorney who is experienced in both traditional and alternative resolutions so you retain every option.
Dividing property is only half the battle; understanding the tax impact is the other. Capital-gains liability on a second home, penalties for early retirement withdrawals, and the tax treatment of spousal maintenance all matter. A coordinated plan with your attorney, CPA, and perhaps a financial planner can prevent an avoidable April surprise.
Securing your share of the marital pie takes more than common sense. It demands foresight, documentation, and strategic advocacy under New York law. By preparing early, assembling the right professional team, and staying vigilant about spending and disclosures, you can exit your marriage on Long Island with the financial footing you deserve.
Ready for guidance that puts your future first? Attorney Chris Palermo has spent over two decades helping Long Islanders navigate divorce with confidence and dignity. Contact our office today for a confidential consultation and start protecting what matters most—your financial peace of mind.
Not every couple can go their separate ways with level heads. In many cases, one spouse may be extremely controversial – expressing feelings of anger, resentment, and attempting to make the divorce a living Hell. While divorce is never a walk in the park and always stirs up negative emotions, some may catastrophize the situation. When it comes to splitting up financial assets and property, they may hide marital assets. They may try their hardest to take a majority and leave you with little. If you have children, they may even try to pin them against you, manipulating them into disliking you.
It’s important you protect yourself from toxicity that may come along with a combative spouse – while you’re going through divorce, and even after. You have to safeguard your future as well as your children’s lives. It can be difficult when your ex or soon-to-be ex-spouse is overbearing, manipulative, or narcissistic. But there are ways you can take the wheel. Here are 4 tips for dealing with a toxic divorce…
With a volatile soon-to-be ex-spouse, phone conversations may end in shouting matches. Limit your interactions to only written forms of communication, such as e-mail, texts, or messages sent between both your attorneys. Written communication can be presented in court if needed. It can also be reflective for you, helping you deal with your aggressive soon-to-be ex or ex-spouse. Make sure you keep your messages short and concise, though. There’s no need to be extremely descriptive. If you receive an extremely explosive message through text or email, try to take time if necessary. You may be tempted to say something that you regret. Don’t let angry messages evoke anger in yourself. With written communication, you have the time to reflect on how you will respond.
Written communication can also be extremely beneficial when it comes to temporary custody and support orders as well as alimony. These may be put in place before the finalization of your divorce. While some divorcees on friendly terms come to verbal agreements and stick to them, high-conflict divorcees may deny ever making verbal agreements. It’s best to have these agreements down in writing. Your attorney can help you establish written orders and file, or you can file with the courts.
An aggressive or manipulative spouse may try to hide marital assets when they know a divorce is imminent. These assets are important when it comes to determining alimony, child support and asset division. These types of assets may include pay stubs and tax returns, bank statements and credit card bills, stock portfolio and retirement account info, and more. They may do this either as a means of obtaining more than you in terms of your financial split or as a means of revenge.
So, to make sure this doesn’t happen, it’s best collect as much financial paperwork as possible before the divorce process. You should run a credit report to help identify financial accounts that are open in both of you names. If you do happen to file your taxes together, you can request a copy of your tax return from the IRS. This may help you in determining whether or not marital assets are being hidden from you.
An aggressive or resentful ex may actually use your children as a weapon against you in your divorce. This is highly detrimental to children. It’s a good idea – until cooler heads prevail – to have someone with you when you drop off your children. You don’t want to get into a verbal argument in front of them. You can immediately end the conversation if your ex tries to lure you into an argument. If your ex is extremely aggressive and you believe they intend to sue you for full child custody (ie. with allegations of child abuse), keep a parenting diary that details your day-to-day life as a parent. This journal may become a valuable piece of evidence to disprove these types of allegations.
If you’re ex is overstepping your boundaries, you have full control to file a restraining order. You ex may be sending you angry texts, stalking you, etc. Anything that makes you feel unsafe should be a red flag to file a temporary restraining order for both you and your children.
Once you’re divorced, you and your ex-spouse need different car insurance policies. If the two of you have a teenager who needs car insurance, it may be a little confusing to decide whose insurance policy (yours or your ex-spouse’s) your teenager should be covered under. We’d like to help clear this type of situation up.
If you have primary custody of your teen, it’s likely best that you place your child on your own insurance. If, however, they have access to a car at your ex-spouse’s home, your ex-spouse should check with their insurance carrier to see if they need to have your teenager on their policy as well.
If you and your ex-spouse share joint custody, and your teenager has access to cars at both homes, it’s best to add them to both of your policies.
If your teenage driver spends most of their time at your ex’s home, they should be listed under their policy. If, however, they do drive a car at your home, you should ask your insurance carrier if they need to be covered under your policy as well.
According to studies by The Children’s Hospital of Philadelphia and State Farm, setting clear rules can cut the potential of a teenager having a car accident in half. Parents should also pay attention to where their kids are driving and with whom. It’s also important to have rules about when your teenager can borrow your car. They should be required to request permission to use your car, and research says controlling access to your car keys, “at least for the first six to 12 months after a teen gets a license, is one of the best things parents can do to keep their kids safe.”
According to research, the way in which you set the rules is just as important as the rules you set. Your teenager needs to know that your rules are set in place for their own safety, and not just to control them.
With that said, it’s important that you and your ex-spouse, even if there is resentment, come to an solid agreement regarding the rules you set for your teenager’s driving privileges and that you both stick to those rules.
Starting over financially after a divorce can be extremely difficult for some. When you had shared assets, such as a mortgage, it can be overwhelming to understand what steps you must take to ensure you’re financially stable following a divorce. Especially since it’s not something you prepare for.
It’s important to reclaim your financial independence. It can be difficult to maintain your own wellbeing when your financial foundation has been shifted. Following these tips may help you regain you financial stability.
It’s difficult to think about your finances following a divorce, which can stem a lot of emotional turmoil for many of us. But regardless, it’s important to get a handle on your finances. Shomari Hearn of the Palisades Financial Group in Fort Lauderdale, Florida, says, “The first step to getting a handle on your finances following a divorce should be to evaluate your living expenses, any outstanding debt you may have, and your income, including any alimony or child support.” Laying out your financial responsibilities in relation to your income will help you establish a footing with where you stand financially and is a great place to start. You may recognize that some of your spending habits need to be reevaluated in your new financial situation, and having a grasp on that is important.
Monica Mizzi, of Legal Templates, explains how a financial plan should be set up following a divorce. Think of your short-term, mid-term, and long-term financial goals – and plan out what steps you need to take to get to each, “including gradual milestones to keep you motivated and on track.” It might be difficult to think of these goals following a divorce, but it is important. What do you need to do now in your life to keep financially stable? What financial goals would you like to meet within a few years? And what financial goals do you have planned for the future? Knowing the answer to these questions will help you make informed decisions on your spending and saving.
A financial planner can help you figure out what your next moves are going to be in life in order to establish financial independence. Especially if you’re new to managing your own finances. Sometimes, there’s one party in a marriage that took care of all the finances (paying bills, figuring out where to spend money, where to cut back on spending, etc.). A financial planner can help educate those who don’t have the strongest understanding of finances.
Sitting down and creating a new budget is a great tip following a divorce. New Jersey attorney Jef Henninger advises his clients to “use the divorce process as a reset button on their lives.”
“Since you are laying everything out there anyway, this is the best time to examine your spending and saving habits…seek professional advice if you need it but use this as an opportunity to start over and change your habits,” says Henninger. It makes plenty of sense. Your budget used to include another’s income and spending habits. Now that that other is no longer in the picture, your budget has to change.
If you’ve been left the home, it’s a good idea to remove your former spouse from the title of your home by refinancing and executing a quitclaim deed. It’s recommended by experts to consult with a mortgage company on your next steps.
It may be extremely important to do away with any joint accounts following a divorce to protect both parties. If you leave joint accounts open, a resentful ex-spouse may make purchases without your approval, which can put your credit at risk.
Most of the time, couples will place the name of their spouse as the primary beneficiary on insurance policies, retirement accounts, 401Ks, IRAs or life insurance policies. Now that your primary beneficiary is out of the picture, it’s best to choose a new one.
It’s important to keep documentation of your divorce decree for financial records, especially if you’d like to apply for a new home loan.
Divorce can be an extremely emotional transition for many, and for many it can create financial instability. We hope theses tips can help any struggling divorcees achieve their own financial stability.
While no divorce is ever easy, some divorces are the epitome of divorce gone wrong. Rational thinking is absent and emotions become explosive. As the crazy side of yourself and your partner emerges, you find yourselves arguing over the “kitchen sink.” Maintaining a rational perspective can be difficult, and for this reason it is vital to hire a seasoned divorce lawyer. A divorce attorney will protect your interests and advise so you can listen to a voice of reason.
It is important to consult with a lawyer early on in a divorce case to avoid unnecessary entanglements. Don’t allow your emotions to get the best of you. Attorney Chris Palermo offers compassionate legal help and can help you protect their rights.