How Can I Save Money During a Divorce in New York?

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save money during a divorce

Unfortunately, divorce can be expensive for many, leaving some in financial hardship after separating from their partner. However, there are steps you can take to save money throughout the process to protect your hard-earned assets during this intensive legal battle. When you’re ready to leave your partner, taking the time to review your finances and save money during a divorce is crucial. Luckily, a Suffolk County divorce attorney can help you navigate these charges.

Save Money During the Divorce by Gathering the Documents

When it comes to divorce, time is money. This means if you spend the majority of sessions with your attorney trying to locate documents, you’re wasting money. Instead of forcing additional sessions after finding the necessary documents, attending all of your sessions with the required documents is essential.

Before you meet with your attorney, you should gather all the documents you may need into one binder. This includes tax returns, bank statements, loan information, and business valuations. This means they are easily accessible, ensuring you can easily produce the documents when they are needed, eliminating the need for unnecessary meetings with your attorney, and saving money.

Review and Update Your Will

One thing that many people forget to do during and after their divorce is to update their will. Unfortunately, this step can be detrimental if you don’t remember to make this change. While some states say they will prohibit ex-spouses from making their inheritance, this isn’t always true.

A guaranteed way to save your money from your ex-spouse is to write them out of your will. You can write a codicil or amendment to your will, making this an easy change to make. This is a small but effective step you can take to protect your ex-spouse from inheriting the assets in your estate plan.

Do Not DIY the Divorce

While it’s essential to understand your divorce process, you shouldn’t try to do it on your own. Though it seems significantly cheaper to represent yourself, this is quite the opposite. Without the help of an attorney, you’ll likely struggle to navigate the process, which can cause you to lose money. This is due to the fact that without an attorney, you could end up paying more in alimony, give up an unfair amount of assets, or inherit debt you should not be stuck with.

While it may seem counterintuitive to suggest that hiring a competent attorney can save you money as opposed to trying to file for divorce on your own, you’ll thank yourself in a few years when you still have control over the assets you worked hard to obtain.

When you need an attorney, Peter V. Mandi & Associates can help. Our experienced firm is dedicated to helping you navigate your divorce to help you transition into the next chapter of your life. Reach out to us today to learn more about how we can help you.

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