When you’re considering a divorce, it’s wise to begin by consulting an experienced attorney for advice tailored to your specific needs and situation. It’s also wise to start protecting your financial health as soon as you can.
In many ways, a divorce is similar to splitting up the assets and debts of a business. In a business arrangement, both partners seek to walk away with an equitable share of assets and liabilities that will allow them to pursue their goals in the future. Your financial goals should be similar in a divorce. Here are three steps to take toward a healthy post-divorce financial future:
- Determine your future living expenses.
Before divorce proceedings start, determine what your financial needs and costs are likely to be after the divorce is final. Calculate your children’s likely needs as well, remembering to factor in costs like school tuition, summer camp, and fees for sports and other activities. When you have a clear idea of your needs, you are better equipped to make choices and stick to your guns during the settlement negotiations.
- Learn as much as you can about your joint finances.
Gather as much information as you can about the assets and debts you and your spouse share as part of the marriage. Target information like the passwords for online accounts, information on which accounts have automatic payments set up, and where and with whom your money is invested. Your attorney can provide guidance on when and how to best gather this information.
- Be willing to hire additional help when needed.
Assistance from professionals in addition to your lawyer, like a financial planner or forensic accountant, can help ensure you know exactly what the marriage’s financial picture looks like. Your attorney may be able to help you choose qualified individuals to assist with the financial half of your divorce.
For reliable legal guidance and representation in the greater Long Island area, do not hesitate to contact the Law Offices of Paul A. Boronow, PC for a FREE consultation. Call (516) 227-5353 to get started on protecting your financial well-being.