Financially Preparing For Divorce

If you’re considering getting a divorce, it’s important that you take the time to prepare financially. There are numerous financial aspects of dissolving a marriage and if you aren’t careful, you could end up losing a lot of money. Your spouse could get more than they deserve and you could be left with too little. Here’s what to do. 

Create a Full Financial Profile 

As soon as you know that you may be separating from your spouse, you should do a complete inventory of your shared and individual finances. Include: 

Savings and Checking Accounts 

Write down all savings and checking accounts that belong to you only, your spouse only, and the both of you. Include the amounts of money currently in each account, as well as account numbers and other pertinent information. 

Retirement Funds 

You should record your retirement fund accounts in a similar manner as your checking and savings accounts. You should have a complete list of all retirement savings and to whom they belong, as well as how much retirement money has been put back. Be sure to indicate if any retirement funds were started prior to your marriage. 

Property 

Your physical property, such as your home, vehicles, heirlooms, and other types of valuables need to be documented in full. Write down as much as you can, including computer equipment, jewelry, furniture, appliances, recreational vehicles, and other property you and your spouse have. 

Debts 

As much as you and your spouse share what money you’ve both earned during the marriage, you also share the debts you’ve accrued. List all debts owed by either party, no matter who incurred the debt or spent the money. 

Open Your Own Bank Account 

As soon as you can, go to the bank and open up a new bank account in your name only. It’s perfectly legal to put community funds — which are any funds earned by either party during your marriage — in your own bank account. However, your spouse will not be able to access the funds once they are in your account. This protects you financially in the case that your spouse drains all the funds from your shared bank account. 

Contact an Experienced New York Divorce Lawyer 

Sorting through finances in a divorce can be a difficult job, and in high net worth splits, likely impossible without help. You can best protect your finances when you dissolve your marriage by working closely with a seasoned attorney with extensive experience in successful divorce cases. Contact our office for your consultation at (718) 878-6886.