Money Moves You Might Want to Make if You’re Anticipating Divorce

In addition to being a major emotional event, divorce is also a significant financial event. As the marital estate is divided, both spouses face a series of expenses, which could include the cost of a new home or vehicle. Regardless of whether you’re going through a high net worth divorce or just want to make sure that your basic needs are met, safeguarding your financial interest requires a great deal of thought and planning.

After decades practicing divorce law in New York, we’ve seen how costly mistakes can be when divorcing spouses fail to get timely help from a qualified attorney. Conversely, we can share the following steps you can take to minimize financial damage that accompanies the end of your marriage:

• Get organized — Locate important documents such as bank statements, credit-card bills, insurance policies, loan information and tax returns. Items like these will help you get a handle on assets that will be divided in your divorce. Gathering these materials also gives you a head start on potential revisions you might need to make if you change your address and/or your name.
• Establish your own bank account and credit card — You might wish to use the pre-divorce timeframe to open a checking account and obtain a credit card in your own name. Any existing joint accounts will need to be dealt with, but that can happen later. Having your own account open and ready to go before divorce starts should make the transition easier.
• Learn about health insurance — In many marriages, both spouses are insured through one spouse’s policy. When anticipating divorce while on your partner’s coverage, talk to your employer applying for your own policy. If you aren’t employed, you can research individual coverage options available on the open market.

Depending on your situation, there might be other actions you can take to protect yourself and your children.  Don’t be afraid to ask your attorney for advice on how you can improve your position before and during the marriage dissolution process.

At Bryan Salamone & Associates, P.C., we do everything we can to help our clients get through divorce in good financial shape. To start with, it costs you nothing to receive an initial consultation with one of our attorneys to discuss your personal situation. Please call our Melville office at 1.631.479.3839 or contact us online to schedule your free meeting with our Long Island legal team.