Whether it is due to extra stress around the holidays or simply wanting to start the new year off with a clean slate, more individuals file for divorce in January than at any other time during the year. However, while divorce can mean a new start, it is not something to rush through, as there are a lot of financial aspects to consider. When a resident of New York decides that he or she is ready to legally separate from a spouse, there are a few financial issues it can be beneficial to remember.

The first aspect to consider is separating finances as soon as possible. This helps safeguard an individual against being held responsible for the soon-to-be ex’s debts, as well as any spending that might happen during the proceedings before the divorce is finalized. There are even options to put alerts on joint accounts that send a notification when a large sum of money is withdrawn.

It can also be helpful to make a comprehensive list of bank accounts and retirement accounts, as well as other assets, and have it prepared for the attorney. Working out a budget ahead of time can help prepare all parties for when the time comes to decide on things like alimony and child support. The more detailed the settlement agreement, the fewer items there will be to disagree about later on.

Divorce can be a challenging time, both emotionally and financially. A family law attorney with experience in property and asset division can provide valuable insight and legal advice throughout divorce proceedings. Whether a New York resident is merely considering divorce or is already taking the steps to file, a lawyer can offer counsel as to how to proceed and what financial aspects might still need to be addressed.

Source: marketwatch.com, “Financial tips for women getting a divorce“, Alessandra Malito, Jan. 4, 2017