Ready For Peace Of Mind? Call us today to schedule your free consultation.
631-352-2898
Big Enough To Protect You, Small Enough To Care

How to prepare financially for an impending divorce

Most spouses contemplating divorce assume it is simple enough to file. In the state of New York, you will need to fill out paperwork containing information related to the grounds for this separation. 

However, if a spouse is planning on divorcing his or her partner, then it is a good idea to take care of a few financial matters first. Before serving any paperwork to a spouse, it is good to get financial records in order. This will make things tremendously simpler during the actual divorce proceedings. 

Set aside funds

Divorce is a costly process. Even if the two spouses get along amicably, attorney fees and the cost of one spouse taking up residence elsewhere can add up over the course of several months. Therefore, it is beneficial to start setting aside some money for those costs. Keep it separate in a single bank account. 

Take inventory of assets

People want to make sure they have copies of everything they own. This includes financial documents, such as tax returns and income statements. It also includes taking inventory of all valuables. This includes items such as jewelry which a person may have possessed before the marriage. It is not unheard of for valuables to suddenly go missing during the course of a divorce. 

Speak with a financial advisor

There are several items to bring up to a financial advisor. First, people need to be ready to file taxes as a single person rather than a married couple once the new year starts. They may also require assistance with preparing a budget to live off of. 

Start Cutting Expenses

It is a good idea to start letting go of certain expenses several months before filing for divorce. If a person goes out to eat at restaurants all the time, then it may be best to eat at home more often before the divorce. This will help free up more money for the various divorce costs. 

 

No Comments

Leave a comment
Comment Information

Contact Our Lawyers

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response

1 Edgewood Ave
Suite 200
Smithtown, NY 11787

Phone: 631-352-2898
Fax: 631-265-0267
Map & Directions