Are You Financially Prepared for Your Divorce?

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 financial security.

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 mediation.

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.

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