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How to safeguard personal finances when getting divorced

On Behalf of | Dec 29, 2023 | Divorce |

Strategic planning is critical for navigating divorce successfully in New York, especially in finances. Fortunately, it is possible for individuals planning to go through divorce to proactively safeguard their financial well-being. Here are a few key ways for people going through divorce to minimize financial uncertainty and feel empowered economically moving forward. 

Financial moves to take before getting divorced 

Before people declare their divorce intentions, they would be wise to assess their joint financial situations with their future ex-spouses in detail. This includes taking stock of their assets and liabilities to ensure an equitable and fair division of liabilities and assets later. Assets may range from savings to properties and investments, while liabilities may include loans, debts and mortgages. 

Another important financial step to take before getting divorced is to collect financial documents. Having access to these documents may help promote transparency during financial discussions and streamline the marital breakup process. Important financial documents may include mortgage agreements, investment portfolios, tax returns and bank statements. 

How a family law attorney can help 

The financial aspect of divorce can be complicated no matter how many or few assets a couple has, particularly if the two parties cannot see eye to eye on how to handle them. This is why hiring a family law attorney in New York is wise. An attorney can help a person getting divorced make educated decisions regarding matters like asset distribution, debt division, spousal support and child support. The attorney will strive to help his or her client achieve a fair and comprehensive settlement with the other party while protecting the client’s rights and best interests.