Before 2021 comes to a close, it is likely that numerous New Hampshire spouses will decide to move on in life without their respective spouses. Those who file for divorce will want to be certain that they clearly understand the financial implications of their decision. From property division proceedings to child custody issues, spousal support and more, adapting to a new lifestyle after a breakup can be challenging.
To keep the house or not to keep the house — that is the question
In many cases, especially when a divorce involves children, a concerned spouse might assume that it would be best to keep living in the marital home after the other spouse leaves. Parents often believe that this helps kids retain a sense of normalcy and routine in their daily lives while coming to terms with the changes in their family dynamics. Financially speaking, however, it is always best to make sure that, once a mortgage is refinanced and a new loan issued, keeping a house would not cause serious financial distress.
Cash and value of an item are two separate issues
New Hampshire operates under equitable property guidelines in a divorce. It is always best to seek clarification about the rules. It is easy to make mistakes, such as thinking all assets are equal when exchanging value for cash. This, of course, is not true, as offering someone $1,000 in their pocket is a lot different than giving them an item that is valued at $1,000. The item may or may not sell for that much. If a spouse wants to trade assets, it is imperative to make sure that the proposed exchange is fair.
Retirement benefits and tax returns
Retirement benefits and tax implications might be relevant to property division proceedings in a New Hampshire divorce. Particularly for parents, it must be determined which parent will be listed as a primary custodian to claim children as dependents on his or her tax returns. Financial issues can be complex, especially when trying to achieve a fair settlement, which is why it is wise to discuss such issues with an experienced family law attorney before heading to court.