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Important Steps to Financially Prepare for your Divorce

divorce decree with cash and a broken wedding ring

It’s no secret that a divorce can have a significant impact on your finances. To achieve the best possible settlement, it’s important to financially prepare in advance. The following steps will help you get ready for your financial future:

  • Collect your financial records: You will want to go into your divorce with accurate and up-to-date information about yours and your spouse’s financial status. Secure records of all open bank accounts, retirement funds, mortgages, loans and credit cards that you and your spouse have on file. Then, store the files somewhere safe at a trusted parent or friend’s house.
  • Secure a post office box: Having a post office mailbox allows you to receive personal and divorce-related mail at a safe location. By being the only person with access to your new mailbox, you can securely accept confidential documents from your attorneys as well as banking and credit card statements.
  • Begin saving in a private account: One of the most important parts of financially preparing for your divorce is to save as much as possible. Be sure you are placing your savings in a personal account that your spouse does not have access to.
  • Check your credit score: Pulling your credit score and report will enable you to have a clear picture of your financial standing. Take early action to improve your score as much as possible. During this time, it is also wise to start building credit by opening a card that is solely in your name.
  • Make a list of your property: Take a moment to create a list of all property you and your spouse share, and all property you owned before getting married. In New York, property owned by one individual before a marriage takes place is typically restored to that person after a divorce.

For further guidance on these important issues, work with a skilled Long Island divorce attorney at Bryan L. Salamone & Associates.

 

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