Know What Assets You Have Before Filing for Divorce

One of the most impactful ways you can set yourself up for success in a divorce is to get a solid understanding of the assets you have and the debts you owe.

In many relationships, it is common for one partner to have much more control or hands-on interaction with money held in joint accounts or with paying certain bills and debts. Many women especially have no idea exactly how much money they have in these accounts, or what they owe on loans or credit cards, as men still tend to be the ones who take charge of these aspects of a marriage.

However, if you don’t know exactly what you have and what you owe, you’re going to be at an immediate disadvantage in the divorce. You should be able to account for all of your assets and debts so that you can make sure you’re getting a good deal in the asset and debt division process.

The following are just a few tips to help you get a better sense of these assets and debts:

• Look at your credit report: There are a number of sites that allow you to check your credit report for free. This report will list all outstanding debts currently in your name, as well as any credit accounts you have open.
• Review bank statements: Check over your bank statements and look for any recurring payments you’re making. These could include phone or utility bills or mortgages.
• Read your mail: Open all pieces of mail you get, and look for credit card statements, past due notices, bills and anything else that could relate to your finances.

For more information on the steps you should take before dissolving your marriage, contact a knowledgeable Long Island divorce attorney with Bryan L. Salamone & Associates.