Divorcing couples should first discuss whether they should sell or keep their homes, as failing to have a proper contingency plan often leads to complications.
Many people decide to leave the house to their ex-spouses just so their children won’t find it difficult to adjust with the change, but take note that the house usually requires both spouses’ income to maintain it.
In case a spouse with a higher income agrees to give up their right to the house, the other one with a lower income will sooner or later decide to sell it due to its expensive maintenance costs. If you live in New York, the state requires couples to divide their assets based on equitable distribution. This means that properties are subject for a reasonable split even if they were acquired prior to marriage.
Good thing, divorce lawyers in Suffolk County and other parts of NY may help you with the financial distribution of your assets. Legal counsel also serves an important role when drafting a plan for your children’s college education.
Some states require divorcing couples to include their contingency plan for child support. Many states only require parents to continue providing for their children until they turn 18 years old, although there are certain places where the threshold is at 21 years old.
A contingency plan will still be necessary even if the state where you live in doesn’t require it. You certainly don’t want to feel like you’re begging for financial support from your ex-partner after several years just because a sudden circumstance affected your ability to support your children. Address as many what-ifs as possible during the negotiation stage.
Whether a financial distribution isn’t the main cause of conflict, it would be best to have legal help on your side. This is particularly true if the involved finances affect your children.