Property division is one of the most complicated aspects of a New York divorce. You may think that property division involves simply splitting up your marital assets and debts in a fair and equitable fashion, but sometimes it involves more than that.
Divorce is likely going to have an impact on your finances and property no matter what. Additionally, property division in divorce can affect your post-divorce financial life.
You may want to divide your marital property and be done with it, but sometimes it is worth putting a little more time into your property division. While this might increase the overall cost of your divorce, the investment is often worth it in the long run.
Consider using professionals
Marital property must be valued before it can be divided. Sometimes a valuation involves more than looking up the balance of your bank account or viewing the appraised price of your house through an online website.
Having a professional valuation done can potentially save you money and provide you with a better financial outcome, since you will know the valuation is accurate.
For example, an online website could appraise your home at $500,000, but a professional valuation could result in a $700,000 appraisal. In that case, the money spent to obtain an accurate value would be worth it.
In addition to splitting marital property, you should consider health insurance, taxes and post-divorce finances as part of your overall property division.
If you are on your spouse’s health insurance, this will likely only last until your divorce is final. You will then be responsible for finding and paying for your own health insurance. This is an added expense you may overlook.
Dividing or transferring property in a divorce may have tax implications you are not aware of. It could be best to talk with a tax professional before agreeing on property division.
Finally, your financial life will probably take a hit post-divorce, at least in the short term. Adjusting to living on one income and paying additional or new expenses, such as alimony or child support, takes time. Expect this and plan ahead.