Three Key Steps to Divorce Planning in New York

While many individuals realize the emotional stakes of a divorce, at the heart of divorce is a contract.  Divorce can have enormous economic impacts for years to come, requiring the use of strategic divorce planning in New York.  By completing divorce planning in New York, you can help protect your legal rights and financial future.

Identify Your Financial Standing

Before filing for divorce, gather as much information as you can about your finances.  Make copies of checking account statements, credit card statements and investment accounts.  Make a list of all valuable property that you own and any documents that evidence this value.  Gather at least three years of tax returns.  Copy employment documents that show earnings.  Look at your credit score to see where you stand and how you can make improvements.  Talk to your divorce attorney about the possibility of freezing accounts to prevent financial abuse from your spouse.

Budget

With this information in hand, create a budget based on your current situation and post-divorce.  Include expenses related to the divorce, such as attorney fees and legal costs.  If possible, save up enough money so that you can pay your living expenses for a few months.

Plan the Timing

If you can hold out on leaving without putting yourself in any jeopardy, consider the best time to leave.  This may be after you receive tax benefits for a full calendar year of being married or in a year when your earnings will be less than previous years.  Talk to a divorce attorney about any benefits of waiting it out for a more advantageous time.