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New York Family Law: Divorce and Beyond: The Costs that Linger    April 3, 2013, 5:31 am

Divorce is no longer the taboo topic that it once was. In the developed world, the rate of divorce increased noticeably during the twentieth century. Yet once the papers have been signed, the cost of divorce does not end there. Our New York divorce attorney has compiled a variable list of costs that may incur after you have signed on the famed dotted line.

1.                  Credit Cards -

It is often the case that couples who divorce borrow more money than those who don't. If you can avoid this common pitfall, you can avoid further costs down the line. You must think in the long term – borrowing money can hurt your credit rating which means that you are more likely to get turned down the next time you borrow money.

Our NYC divorce attorney adds - “I have seen many cases like this – newly single people who have lived on two incomes for so long become shocked when they are forced to live off their own income. They borrow more than they need and in the long run, this has detrimental effects on their credit rating.”

2.                  Diving in to the Deep End -

Divorce is never an easy choice. You are choosing to end a relationship with a person that you once believed you would spend your entire life with. When some people are faced with their new life, they begin to make impulse decisions- the affects of which can be seen many years after the divorce has been settled.

Our NY divorce attorney has her own views on this and adds - “ It is often the case that when a couple divorce – one will decide to spend their 'new found freedom' making rash decisions such as buying lavish cars and apartments that they cannot afford. It is important to remember that just because you are now single does not mean that all of your responsibilities have been signed away with your marriage”

3. The Opposite

Just as acting too quickly can be detrimental to your future, so can taking too long to sort out your finances. Our NYC divorce lawyer has noted some of the dangers:

       If you are lucky enough to have money to invest and decide to leave it in your bank account, you may miss chances to make a profit from your money. You may even lose money by doing so.

 

       If you and your ex-partner still have joint accounts and credit cards, one of you could spend money out of spite or go into debt, so be sure to close down the accounts as soon as you can.

       If you choose to delay making changes you need to make, such as getting a new job or opening up a new account, you may spend the money that you need for your future.

       If you plan to claim spousal support, you must file within two years of separation. Our NYC divorce attorney states - “ It is often the case that men feel ashamed to claim spousal support from their wife – if they leave it too long, it is likely that the court will dismiss their claim”

       If you don’t update your will and insurance plans, you may create big problems for your children or other family members.

It is important to remember that although divorce signals the end of a marriage, it may also be the start of a long line of bills and a future of debt.


 Tatyana Agarunov, Esq.