It can be complicated and stressful to separate money in a marriage that is coming to an end. Even before child support or alimony is awarded, both spouses should have a budget in place to ensure that they can pay their bills during and after divorce. Here are some considerations that will help you financially prepare for a divorce in New York, especially if you and your spouse have many assets to divide between the two of you.
Don’t take everyone’s advice
Divorce laws are different depending on the state you live in, so be careful not to listen to advice that doesn’t take your state of residence into account. If you don’t know whether you should change bank accounts or move your money before getting divorced, contact an attorney licensed to practice in New York.
Keep up with your expenses
Once you’ve accepted that you’re getting a divorce, it’s important to start tracking all your income and expenses. This will help you create a realistic budget for yourself once your marriage is over. Tracking your money will also help your attorney and the judge make a fair decision for splitting your debts and assets.
Gather all the correct documents
You need records to show your attorney the financial state of your marriage. It may take a while to get all the paperwork you need, so you should start this process as soon as you can.
Make sure you have bank account statements from the past year as well as your investment and retirement account statements from the previous year. If you have ledgers for any loans, including home or auto loans, submit these to your lawyer as well.
You’ll want to have as much information as possible before getting in touch with a New York family law attorney to discuss your high-asset divorce. As you go through the process, your lawyer may request more documentation. If you come to the negotiation table with plenty of information about your assets, you can make your divorce proceedings a little less challenging.