January is the most popular month for divorce filings. This is because most people want to try to make it through the holidays and give their kids one last happy holiday memory. A legal separation attorney in Stony Brook New York can explain that the New Year brings about the desire of people to make new changes in their life, including changing their marital status. When making financial moves for the New Year, a legal separation attorney in Stony Brook New York may provide tips on securing your financial security, such as:
Separate Financial Accounts
During a separation, it is important to close joint bank accounts and to open separate accounts. This allows the parties to create a clear line between their respective property. It can also help them to avoid taking on any additional debt caused by their spouse.
Seek Spousal Support
Some spouses may not realize that they are eligible for spousal support and may never request it as part of their divorce filing. However, this can result in a significant difference in a person’s ability to meet financial obligations and to be financially protected after divorce.
Update Estate Planning Documents
Review estate planning documents such as your power of attorney and life insurance policies to remove your spouse’s name as a beneficiary or agent.