Preparing for a divorce can be a challenging and emotional time. Not only do you have to contend with the emotional turmoil of the separation, but you must also get your finances in order. This can be daunting, especially if you have joint accounts or assets. At Simonetti & Associates, our Hicksville divorce lawyer provides tips for getting your personal finances in order before and during the divorce process. Continue reading below to learn more.
How To Prepare For Divorce
Divorce can alter several aspects of daily life, especially finances. While the divorce process may not always follow a straight line, the following steps may help:
- Assess Your Financial Situation – The first step in preparing for a divorce is to assess your financial situation. This means taking stock of your assets, liabilities, income, and expenses. You should gather all financial documents, including bank statements, tax returns, investment account statements, and credit card statements. It’s essential to clearly understand your financial situation before you begin the divorce process.
- Create a Budget – A personal budget is essential to getting your finances ready for a divorce. This helps you determine your monthly expenses and identify areas where you can cut back. A post-divorce budget will help you ensure that you can support yourself after the divorce and avoid any financial surprises.
- Separate Your Finances – If you have joint accounts or assets with your spouse, it’s essential to separate them before the divorce process begins. This includes bank accounts, investment accounts, and credit cards. You should close any joint credit cards and open individual cards only in your name. This will help you build your credit history and ensure you’re not held responsible for any debt your spouse incurs after the divorce.
- Consult with a Financial Advisor – Divorce can significantly impact your financial future, so it’s essential to consult with a financial advisor. They can help you understand the long-term financial implications of property division, spousal support, and child support. A competent financial advisor can also help you create a plan to achieve your personal financial goals after the divorce. This can include saving for retirement, paying off debt, or investing in a new home.
- Update Estate Plans – If you have an estate plan, updating it after a divorce is essential. This includes updating your will, power of attorney, and beneficiary designations. Updating your estate plan will ensure that your assets are properly distributed according to your wishes and that your ex-spouse is not included in your estate plan. Our Hicksville divorce lawyer can help you through this process and update your plan.
Contact Our Hicksville Divorce Lawyer
Financially preparing for a divorce can be difficult and emotional, but it’s essential to get your finances in order before and during the divorce process. Our attorneys are here to ensure that you’re prepared for the financial implications of divorce and that you can move forward confidently. Be sure to contact our Hicksville divorce lawyer at Simonetti & Associates today to learn more and request a consultation.