How To Ready Your Finances When Facing Divorce

Last updated on July 20, 2022

If you expect to file for divorce or expect it may occur in the near future, there are a few things you can do to streamline the process and make it easier on yourself when the time comes. Preparing your finances and gathering information will make the job less daunting for both you and your divorce lawyer in the midst of it all. For more information on how to ready your finances or with any other concerns, reach out to a qualified family law attorney at the New York Family Law Group as soon as possible.

The first step in readying your finances will be accounting for all of your assets and liabilities. This can include property, financial accounts like retirement plans or 401(k)’s, or any debt that you may owe. It will give a clear picture when meditating or going to court and allow the division of assets to begin from a clear understanding. By laying out all of your assets and liabilities beforehand, you can better understand what assets you would like to hold onto and how to divide any liabilities that may be present.

After accounting for your assets and liabilities, the next step is documenting and understanding the entirety of your financial situation. By collecting bank statements, obtaining property values, and having any necessary real estate assessed, you will have verified that all of the information you have is correct, you will be prepared for the court processes to come. This will include even seemingly minute details of financial information like credit card statements and collecting receipts of major purchases, but it will save you time and money later on.

Finally, building an income and expense spreadsheet will finalize the foundation upon which you make the rest of the divorce proceedings. This includes documenting your total income for the months and expected income for the months ahead. By comparing that with the documentation of known expenses for each month, it will complete your financial picture and allow you to begin the divorce process with a clear and honest understanding of your exact financial standing. For help and more information on preparing for a divorce, contact the Law Offices of Martin Mohr any time to schedule a strategy session.

Finding the Right Lawyer

If you are going through a divorce, you know they can often descend into difficult and emotional trials of patience. At the end of a marriage, matters can often tend to become adversarial and challenging to resolve with mediation. However, the right divorce lawyer in the Bronx, NY, can change everyone’s perspective and help bring a resolution that may even be beneficial to everyone involved.

The best strategy to find a lawyer that will fit your situation is through personal referrals. Try asking around with relatives and people close to you and see if they have had any overwhelmingly good experiences with a lawyer in recent memory. However, it is essential to ensure they worked directly with the lawyer, as many people may refer you to a large firm rather than a specific Divorce attorney within it. Testimonials from friends and family are efficient and are often more reliable than online reviews. Those close to you will be more likely to know your personality and needs when dealing with a professional.

After finding a lawyer, ensure they have expertise in the field you need. While a lawyer may have been a good choice for a friend, it could have been for a different legal matter. Find a divorce lawyer practicing in family law and who will work with your unique situation. By taking the time to find a lawyer suited to your needs and who is well regarded by people around you, you can all but ensure that you will have a good experience.

If you are planning for divorce in the Bronx, NY, make sure you receive the best possible service and diligent representation you can find. If you prepare correctly and hire a Divorce Attorney early in the process, it will streamline the ordeal and allow you peace of mind you are in the right hands. Contact the New York Family Law Group any time of day or night to schedule your initial strategy session.



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