Nassau County Family Law Blog

Friday, January 29, 2016

Handling Your Finances During Divorce

What are some tips for dealing with your assets during a divorce?

We know you think it will never happen to you, however 50% of marriages end in divorce.  Moreover, divorces are messy, both emotionally and financially. A divorce could end up costing you tens of thousands of dollars in legal fees and other expenses related to the terms of the divorce agreement such as alimony and child support. Why should you let it cost you any more as a result of mishandling assets? You shouldn’t. Here are some tips to help you determine what assets are in play and to assist you in dealing with them.

You might think that dealing with your assets during your divorce is above your head. However, the simple solution is to talk to a financial advisor or even a certified divorce financial analyst that specializes in this area. 

Even if you did not handle  the money while you were married, now is the time to get familiar. The best way to do this is by reviewing tax returns. Tax returns will divulge what assets you and your spouse have. If you know your spouse has an asset that is not listed, he or she might also be trying to hide it from the divorce court. Once you become familiar with the information on the tax returns, you should then turn to non-paper records. We live in a digital world and many financial records are now stored electronically. You should to get comfortable with this medium.

At some point, you are going to have to determine what you will need to live as a single as opposed to in a couple. Be realistic and understand that you may have to shift things around to suit your new lifestyle. 

Most importantly, try to be civil. It is always the case that much more can be accomplished when the parties are willing to work together without malice.

If you are facing a divorce and have considerable assets, you should speak to an experienced divorce attorney as soon as possible. 

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