Financial Preparations You Should Consider Prior to a Divorce

If you start making financial plans for your post-divorce life on the day papers are served, you might not be able to achieve the resolution you seek. Obtaining key documents might be much harder once the legal proceeding has commenced and you and your spouse are living in separate residences. Going into the marriage dissolution process prepared and with the right lawyer gives you the best chance to start the next phase of your life with a strong financial base.

Some tips you should remember if you’re preparing to divorce include:

• Keep your emotions in check — Some spouses heading for divorce make serious financial mistakes because they are not emotionally ready to acknowledge that their marriage is ending. Others try to use the asset division process as a way to get revenge for infidelity or some other type of marital misconduct. Neither approach is healthy or useful. Divorce is a significant financial event in your life and you need to make decisions regarding assets and debts with a clear head.
• Maintain detailed records — People often do not keep all of their important financial information handy. Similarly, you might not maintain detailed records regarding household income and expenses. As soon as you start thinking about ending your marriage, you should gather the relevant records and keep close track of financial matters. This might be more difficult after you and your spouse start to live apart, so it is a good idea to take these steps even if you haven’t yet said you want a divorce.
• Consult with professionals — An experienced New York divorce lawyer can explain how property division is handled under the state’s equitable distribution law. You might also want to consult with an accountant if you require assistance organizing your financial information or if you suspect that your spouse is dissipating marital assets. No matter what led to your breakup, you want to avoid unpleasant surprises at a point where it is too late to do anything about them.

No one can predict the future, but by taking the time beforehand to get your financial affairs in order, you can move forward with confidence.

Bryan L. Salamone & Associates, P.C. leads the way among Long Island divorce lawyers. No matter how complex the financial issues are in your breakup, we have the skill and experience to represent you effectively from start to finish. For a consultation regarding your needs, please call 1.631.479.3839 or contact us online.