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How to prepare financially for a marital breakup

On Behalf of | Dec 1, 2023 | Divorce |

Getting divorced can be just as complex financially as it is emotionally. This is true even in the most amicable of divorce proceedings. Here are some tips for preparing for the financial aspect of divorce in New York. 

Tips for handling finances during divorce 

Individuals who plan to get divorced would be wise to evaluate their financial situations as soon as possible. This includes taking stock of their debts, assets and income. They can accomplish this by gathering documents about their shared property, joint accounts and investments. Understanding their financial standing may help them identify the assets they want to retain after the divorce is final.  

It’s also important to create a detailed post-breakup budget. Identify all essential expenses, such as insurance, groceries, transportation, utilities and housing. Other costs to consider include health care, childcare and housing costs. It’s also helpful to plan for emergency funds by saving enough money to cover expenses for at least six months. 

How a family law attorney can help 

A family law attorney in New York can help an individual going through a divorce make educated decisions regarding the financial aspects of divorce, such as debt division, asset distribution and spousal and child support. The attorney can also help the individual seek a fair, comprehensive settlement through an out-of-court process like mediation versus traditional divorce litigation, which tends to be more stressful and costlier. The attorney will push for the most personally favorable outcome for his or her client given the circumstances surrounding the marital breakup.