No one gets married expecting to get divorced, but unfortunately, it’s a reality for many couples. If you find yourself in this situation, it’s important to be prepared for the financial aspects of divorce. Here’s how to get started.

Write Down Your Joint Debts 

One of the most important things to focus on is your joint debts. These are obligations that you and your spouse are both liable for. If you don’t make payments on these debts, your credit will suffer. In some cases, you may even be sued.

There are a few different options for dealing with joint debt in divorce. One is to have one spouse assume responsibility for the debt and make the payments going forward. Another option is to sell assets and use the proceeds to pay off joint debt. Or, in some cases, it may be possible to negotiate with creditors to have the debt forgiven or discharged in divorce.

Make Sure Your Spouse Isn’t Hiding Assets

One of the most important things you can do when preparing for a financial divorce is to make sure your spouse isn’t hiding any assets. Unfortunately, hiding assets is a common tactic used by one spouse to try to keep more of the marital assets for themselves. There are a few things you can do to help uncover hidden assets:

• Review bank and investment statements carefully. Look for any unusual or unexplained transactions.
• Check tax returns for income that doesn’t match up with what you know about your spouse’s job or business.
• Ask questions if there are assets you don’t know about.
• Use discovery methods available through the court system to obtain financial records from your spouse or third parties like banks and employers.
• Hire a forensic accountant to examine your spouse’s financial records in detail and look for patterns of hidden asset transfers or income sources.

Contact a Brooklyn Divorce Attorney

One of the most valuable assets you can have is an experienced divorce attorney on your side who can help you navigate the financial aspects of your separation. Your lawyer can help you understand how the law applies to your specific situation, and can also help you negotiate a fair settlement with your spouse. Contact Mary Katherine Brown today to learn more about protecting your finances during a divorce or to book a consultation by dialing (718) 878-6886.