Five Tips To Help You Financially Prepare For Divorce
Divorce can be expensive, and you may not walk away from your case with all the assets you had hoped for. Once your divorce case is final, you may also find it more difficult to live and support yourself on just one income instead of the two you had become accustomed to. If you are thinking about ending your marriage, now is the time to prepare, both emotionally and financially. Below, our Long Island divorce lawyer outlines five tips that can make sure you are financially prepared.
Speak to a Financial Professional
It is not uncommon for one spouse to primarily manage the finances of the household. If your spouse held this role during the marriage, you will have to build some skills before you go it alone. Even if you were the one that handled the money matters in your household, the financial complications that a divorce presents might be much greater than you expected. Speaking to a financial professional before you file, or as soon as possible afterwards, will help ensure you start on the right financial foot.
Take Inventory of Your Assets and Liabilities
You cannot know where you are going without knowing where you started from. Take a full inventory of all of the assets that you and your spouse share, including your savings, investments, and any non-liquid assets such as real estate. Also include the income that you and your spouse earn, as well as the loans, debts, and monthly bills you receive.
Now is not the time to invest in large purchases. Instead, you should be saving as much as you can. Life after divorce is difficult for some people, particularly if you are not receiving spousal or child support. Build a nice nest egg now and it will serve you well in the future.
Prepare to Compromise
The chances of anyone coming out of a divorce with everything that they had hoped for may be unrealistic. Most divorce cases are resolved through compromise and communication. While each party walks away with some marital assets that were most valuable to them, they may have to relinquish their right to others. Prioritize what is most important to you, remain as fair as possible, and be very selective when choosing your battles.
Reach an Agreement with Your Spouse
The more that you can reduce the cost of your divorce, the less severe of a financial impact you will feel. The majority of the costs associated with divorce are a result of the two parties fighting over certain terms. Reaching an agreement with your spouse, either through negotiation or mediation, is one of the best ways to protect your finances and set yourself up for an easier path once your case is final.
Call Our Divorce Lawyer in Long Island for a Free Consultation
If you are considering ending your marriage, call our Long Island divorce lawyer at the Law Office of Joshua Adam Kittenplan, P.C. before taking any other action. Our skilled attorney will advise on all elements of your case and give you the best chance of receiving the fair settlement you are entitled to. Call us now at 631-499-0606 or contact us online to schedule a free consultation.