Divorce carries with it not only emotional stress but also a profound change in economic circumstances. Especially in a contested case, you and your attorney will need to deal with multiple procedures and substantial paperwork in order to achieve a positive outcome. As with any legal matter, it is essential to prepare effectively in advance.
Here are 10 practical steps you can take before filing for divorce that will help ready you for the financial aspects of the process:
Establish a private email account — Secure your new account with a password that your spouse has no way to guess. Use this account for all further financial transactions and for any communication related to the divorce.
Open a PO box — While most communications these days are electronic, there are some things you can only get by mail. A PO box allows you to maintain your privacy and secure your documents.
Ask a friend or relative to hold personal items and documents — If there are family heirlooms, jewelry or other personal items that you want to secure, ask a trusted person to store them for you at their house. This person can also agree to keep physical documents.
Gather information about your marital and individual assets and debts — Your attorney is going to ask about your assets and debts, including those you brought into the marriage and those you accumulated during the marriage.
Obtain copies of your tax returns — Your lawyer will need to see your tax returns, at least for the last few years. If need be, secure copies from the IRS and the state and city authorities.
Gather and preserve information about your spouse’s business — The value of and income from a business is an important marital asset that is subject to division during a divorce.
Set aside some money in savings — If you’ve kept everything in joint accounts with your spouse, open an account in your name only and arrange for deposit of funds into it.
Research post-separation living arrangements — Once the divorce is filed, do you plan on staying in the family home or moving out? Investigate where you could live if you’ll be the one leaving the house.
Make a post-separation budget — Calculate how much money you’ll need monthly to take care of yourself once you’re separated. Be realistic and compare your expected income with the anticipated expenses.
Put together a team to support you and your children — You’ll want to retain an experienced New York family law attorney to guide you through the process. In addition, families often find it beneficial for everyone involved to see a therapist.
Bombardo Law Office, P.C. in Syracuse represents Central New York clients in all aspects of divorce proceedings. Please call 1-315-488-5544 or contact me online to schedule a meeting to discuss your legal options.
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