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Deciding you want a divorce isn’t easy for any New York resident. Although you might want things to be over as quickly as possible, you should never rush the process. Take these steps when preparing to file.
Gather all of your individual and joint financial documents and review them to get a better idea of where you stand moneywise. It can help to know what to expect and how assets and debt might be divided as part of the divorce process. Although anything jointly held will clearly be divided, there may be other assets that aren’t so obvious. Make note of anything you owned separately before your marriage.
Once you have an estimate of what your finances will be after you are divorced, you can work on a new budget. If you have to, anticipate what you might cut to save money. For example, if you have cable, you might want to cut the cord and just pay for a streaming service instead.
If you have joint bank and credit card accounts, you should separate them before filing for divorce. Open new accounts in your name. If your credit is poor or fair, start working to improve your score and creditworthiness. If necessary, open a secured credit card; eventually, you should be able to switch to an unsecured card.
Don’t move out of the marital home before your divorce. It could have negative effects on your case and impact your children. You could also forgo any interest you have in the home if you move out prematurely. Keep making mortgage payments for the time being and keep note of them.
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