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What Financial Issues Should You Consider before Divorce?

Gordon Burrows

Family and matrimonial law attorney Gordon Burrows operates a law firm in White Plains, New York. Gordon Burrows has litigated numerous child support, custody, and divorce cases for his clients. Before getting a divorce, there are many financial issues to consider.

1. The marriage residence. When getting a divorce, it is essential to consider whether you can afford to keep the home. Ask yourself if you can qualify for a mortgage solely in your name and make the mortgage, property tax, and utility payments.
2. The cost of making support payments. Depending on whether you are required to pay child or spousal support payments, divorce may affect your lifestyle and housing arrangements.
3. Health insurance coverage. If you are on your spouse’s insurance plan, you will need to obtain your own health insurance policy after getting divorced.
4. Life insurance for covering the cost of child support. If your ex-spouse is providing child support payments, you may want him or her to secure a specific life insurance provision in the divorce settlement that will cover child support expenses in the event of the policy holder’s death. You may also want to consider a life insurance policy of your own that provides similar coverage.
5. Joint credit and credit cards. While waiting for your divorce to be finalized, provide notice to banks or financial lenders that have issued credit cards or joint credit to you and your spouse that you will not be assuming responsibility for your spouse’s expenditures.

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