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Economic Challenges During Divorce

Divorce is challenging emotionally, mentally, physically and economically. It places hardship on your family. Your spouse will also face challenges, and some of those challenges, especially the financial challenges in divorce, will be shared with you.Some people must go through foreclosure, bankruptcy and divorce at the same time. At the Law Offices of Joy Y. Frank, we will work to help you manage such challenges and avoid all that can possibly be avoided in a committed effort to facilitate your future well-being.Of all the divorce lawyers in White Plains and Westchester County, Joy Y. Frank is uniquely positioned to help you plan for divorce, consider the effects of post-divorce issues thoroughly and choose the divorce process that best suits your needs.

Guidance And Support Through The Financial Challenges Of Divorce

Each party in divorce may have different means with which to go through the divorce process. Each of our clients in New York has a broad variety of means. Attorney Joy Frank provides legal counsel and advocacy to a diverse clientele and helps each of our clients navigate the complexities of the following financial challenges and more:

  • Lack of income: If you are not the primary income earner, the prospect of paying bills, other living expenses and attorney’s fees in divorce can be troubling.
    • We work with many clients who have similar concerns. It may be possible to secure temporary court orders that can provide you with financial assistance during divorce, but pursuing such requests should be done with an experienced lawyer who can help you achieve the agreements you need for the duration of the divorce process.
  • Do you know your household finances? In many cases, one spouse has very little understanding of how the household budget is balanced each month, how bills are paid and where all the savings go.
    • We can help you get a handle on your finances. In divorce, one household becomes two, and finances are stretched thin. Creating a budget, gaining insight on household financial information and working with a personal financial adviser are important steps to consider to be able to come out of divorce financially healthy with a sound plan for the future.
  • When debt comes due in divorce: Significant debt burdens can squeeze finances even thinner. In most cases, both spouses are responsible for debt payments, but your spouse may be able to afford delaying the payments better than you can afford.
    • Reaching an agreement concerning debt obligations early on in the divorce process can prevent significant hardship from occurring later. An inability to make credit card, loan and mortgage payments can lead to bankruptcy if problems persist. It may even lead to the need of foreclosure, as it becomes difficult to maintain mortgage payments with the expense of divorce and the cost of two households.
  • Foreclosure because of divorce: Short sale or foreclosure in the event of divorce is a real possibility for many couples, particularly when they are upside-down on their mortgage.
    • We can negotiate with your mortgage lender and pursue a compromise on a modification to your mortgage loan, which may result in a new interest rate and extended terms of repayment. Ms. Frank works to help make payments more affordable if we can determine a reasonable method to maintain your family home on one source of income or with a contribution from a second income stream.
  • Tax issues in divorce: Tax payments and back taxes can come due during the divorce process, and costs may be significant. Property taxes are an important consideration in whether you should maintain the family home. Tax penalties and capital gains taxes will affect your property distribution agreements.
    • Ms. Frank will help you determine your best course of action regarding tax implications while planning throughout your divorce, and she will work to limit your tax burdens in accordance with your post-divorce goals.

Everyone Encounters Unique Economic Challenges In Divorce

Attorney Joy Y. Frank can help you overcome your challenges and properly evaluate your ability to retain top legal talent. It is well-worth the informative discussion that Ms. Frank offers.

She is available to discuss your particular circumstances at 914-358-0012, and looks forward to speaking with you.

Contact us for professional legal guidance.