How To Ready Your Finances When Facing Divorce

Last updated on September 18, 2023

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.

When going through a divorce, getting your finances in order can give you time to focus on parenting and provide time to prepare for the changes that come with being newly divorced. With your finances in order, you can reduce the stress and anxiety that often accompany divorce, allowing you to put your energy toward what matters, such as your children and your own well-being. 

For more information on how to prepare your finances or any other concerns regarding divorce, contact New York Family Law Group to speak with an experienced Manhattan family law attorney. To schedule a consultation, call us today at (347) 212-5113.

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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 at any time to schedule a strategy session.

How to Protect Your Finances Before and During a Divorce

Divorce is a difficult experience that can be emotionally draining. It’s essential to prioritize your personal finances and take necessary steps to protect them during this time.

If you’re going through a divorce, it is important to understand your financial options and make informed decisions to ensure that you receive the best possible settlement. Here are some actions you can take to protect your finances before and during a divorce:

  1. Separate your finances early on in the process. Additionally, keeping track of all expenses from your personal account is important. 
  2. Prepare your personal financial plan to allow you to have an overview of what you have and need as you go through your divorce process. 
  3. Review your taxes and assets. 
  4. Consider reviewing the policies on account ownership of all your financial institutions. 
  5. Knowing when it’s better to settle is important.
  6. To protect your assets, think about getting a postnuptial agreement.
  7. Find the right attorney for your divorce to help ensure you get the best scenario possible out of your divorce.

Financially Planning for Divorce

Divorce is a difficult time that brings emotional challenges and uncertainties about what lies ahead. To ensure a smoother process, it is crucial to address the financial aspects. Here are some important tips to help you navigate this difficult period:

  • Get Your Finances in Order: Divorce often leads to financial setbacks, especially when it comes to dividing assets and establishing separate households. Before filing for divorce, assess your joint finances, including assets and debts. Understand your expenses and create a budget to determine your financial needs during and after the separation.
  • Assess the Family Home: While it may be tempting to hold onto the family home for sentimental reasons, consider whether you can afford the mortgage and maintenance costs on your own after the divorce. Selling the home or allowing your spouse to buy you out can provide a fresh start and offer more financial stability.
  • Protect Separate Property: Assets acquired during the marriage are generally considered marital property subject to division. Safeguard any separate property, such as inheritances or gifts, by keeping them separate from joint assets. This can help prevent potential claims from your spouse.
  • Develop a Parenting Plan: If you have children, it is crucial to make important decisions together, including communication about the divorce, custody arrangements, and parenting schedules. Seeking legal advice and involving a child specialist can help establish a workable plan that prioritizes the best interests of the children.
  • Emphasize Cooperation: Litigated divorces tend to involve more conflict, higher costs, and longer durations compared to mediation or collaborative approaches. Strive to reach a comprehensive agreement with your spouse on property division, child custody, support, and maintenance. This cooperative approach is particularly important when children are involved, as it helps maintain an amicable relationship.
  • Seek Legal Guidance: Enlist the help of a competent family law attorney. A skilled lawyer can guide you through the process, protect your rights, minimize conflicts, and offer creative solutions tailored to your unique circumstances. This is especially crucial in complex situations like high-net-worth divorces or shared business ownership.

By focusing on financial planning and prioritizing cooperation, you can navigate the challenges of divorce more effectively and lay the foundation for a more stable future.

Tips for Financially Planning for Divorce Description
Get Your Finances in Order Assess joint finances, create a budget, understand expenses for current and post-divorce needs.
Assess the Family Home Consider affordability, selling or buyout options for the family home.
Protect Separate Property Safeguard inheritances or gifts by keeping them separate from joint assets.
Develop a Parenting Plan Make joint decisions on communication, custody, and parenting schedules.
Emphasize Cooperation Strive for a comprehensive agreement to minimize conflicts and maintain amicable relations.
Seek Legal Guidance Consult a skilled family law attorney to protect rights and find tailored solutions.

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 work 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 family law 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 New York, 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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