Divorce comes with emotional and financial obstacles that can cause a significant amount of confusion and stress. It’s important that you understand the financial implications of divorce if you’re legally ending your marriage in New Hampshire. Here are some tips to ensure your property will be fairly divided in the divorce.
Understand tax implications
In looking at the value of various marital assets, it’s important to understand the current value of the asset and the tax implications of owning the asset. For instance, you’ll have to pay taxes on investments such as EFTs, mutual funds, and stocks when you sell these financial items. It’s important that you know how your capital gains will be taxed during and after your divorce.
Know your health insurance options
You should know that you and your children will have access to health insurance once your officially divorced if your policy was under your spouse’s employment benefits. If you can receive health insurance through your employer, you may want to enroll in the plan. If you’re getting divorced during a time when your job doesn’t offer open enrollment for health insurance, you may still be able to enroll in a plan. In most cases, you can enroll whenever you need to if you suffer a qualifying life event, and divorce falls in this category.
You can also check to see if there are suitable plans on the open market. The healthcare exchange for New Hampshire can help you find health plans that fit into your post-divorce budget. It’s also important that your divorce settlement includes healthcare coverage for your children since this falls under providing for a child’s basic needs.
