For some couples, no amount of reconciliation or counseling is enough to revive their dimming love and save their marriage.
Part of the divorce process involves dividing marital property according to New York’s equitable distribution laws. While each divorce case is unique, taking the following steps to prepare your finances for the impending divorce can help point you in the right direction.
Get your documents together
Your financial documents tell volumes regarding the state of your marriage’s finances. And since the marital property (both assets and debts) will be up for division, getting your documents in order will play a crucial role during the property division exercise. Some of the documents you need to compile include:
- Your bank accounts
- A list of personal and marital properties
- A list of personal and marital debts
Create a budget
When you were married, chances are you shared household expenses. But now that you are headed for divorce, you are certainly going to face your bills on your own. And this is where prudent budgeting comes in. Having a budget in place will help you steer clear of the financial pressures that you are likely to encounter after the divorce. It will also help you track your expenses and anticipate future ones.
Avoid major financial expenditures
Divorce is both mentally and financially taxing. Thus, as soon as you are set for one, it is in your best interests that you avoid major expenditures. And there are a couple of valid reasons for this. Firstly, this could raise suspicions from your spouse that you are trying to hide marital assets. And secondly, this could influence the court’s ruling on child and spousal support.
When a divorce becomes inevitable, one of the most sensitive subjects you will have to contend with involves untangling each party’s finances. Find out how you can safeguard your financial interests during and after your New York divorce.