Divorce can be complicated – that's why you need to be prepared.
Before you start the tedious legal proceedings surrounding the termination
of your marriage, make sure that you are financially ready. Every
divorce is different, but there are a few easy steps that you can take towards
Make Copies of Financial Paperwork
First, make copies of any financial paperwork that might be relevant to
your separation. During many marriages, one spouse is responsible for
finances and the other is responsible for home upkeep. If you are unfamiliar
with your family finances, it is imperative that you begin accumulate
and make copies of relevant financial documents.
This includes credit card statements, retirement account statements, loan
applications, tax returns (for the last three to five years), W-2 forms,
mortgage statements, credit reports, etc. It is important to stay informed
and make sure that you understand your household incomes, debts, and financial
assets if you want to set yourself up for success.
Start Saving Money as Soon as Possible
Secondly, you should begin saving money. Divorce can be expensive –
especially if your case actually goes to court. Specifically, begin to
accumulate cash savings. During the divorce process, you may need to enlist
the help of mental help professional, financial analyst and divorce attorney.
However, these professionals cannot help you unless you are able to pay
them. As you save, begin thinking about the type of divorce you will face.
Consider Divorce-Related Expenses
Your children may influence the cost of your separation, too – especially
if you and your spouse enter a custody dispute. Often,
child custody disputes necessitate psychiatric evaluations, assistance from mental health
professionals and testimony from expert witnesses. These additives can
be pricey. Additionally, the number of marital assets/debts that you and
your spouse have to divide will impact the price of your separation. If
you have a large amount of property to divide, you may want to consider
hiring a certified divorce financial analyst.
Anticipate Attorney’s Fees
Finally, the cost of your divorce will be determined by your attorney's
fees. Hiring a divorce attorney can be invaluable. However, you may feel
like a New York divorce lawyer is just another expense on top of an already-complicated
divorce process. In reality, an attorney can help make sure that your
rights, children and financial assets are protected during the divorce
process. A skilled lawyer can help you understand your legal circumstances,
rights and options so that you receive the fair child custody agreements and
asset division settlement that you need.
If you anticipate a volatile divorce, your case may go to court. If you
and your spouse agree on many of the key issues related to your separation,
you may be able to save money through a courtroom alternative, such as
To learn more about divorce,
contact a New York divorce attorney from our firm today. With a legal professional from Eiges & Orgel,
PLLC on your side, you can have peace of mind knowing that your case is
in good hands.