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Plan for the Financial Aspects of your Divorce
April 10, 2017
Put together a good legal team that works with financial planners in your New York Divorce case. It will make all the difference in the world, especially if you are a high net worth litigant. A collaborative approach to divorce can make the martial assets go far when you are envisioning equitable distribution.
For instance, you must plan for the insurance needs for your children or spouse, especially if one or the other spouse lacks a job that provides for health insurance that covers the children. Additional insurance may be needed if there are obligations envisioned for child support, spousal support and life insurance requirements that are often found in a Separation Agreement or Stipulation of Settlement. In the event that you cannot afford a financial planner, at least consult with one. Below are a few tips to consider.
Before you get a divorce gather as many documents you can such as year-end statements from banks and stock accounts. Also gather credit card statements as the court will likely require you to exchange them in your divorce action. Also put those documents in a safety deposit box. The more you know about your family finances the more you will gain. You do not want to find yourself in a position of having to hunt them down after the divorce action is underway as it is expensive to subpoena them.
Also, be aware of your credit score. You can get a free credit report from karma.com, Know what you owe and know what your spouse owes as the court will likely split debts between the parties. You would be surprised what you can find on a credit card statement, such as items of marital waste such as gifts to girlfriends or excessive spending.
Be aware of possible safety deposit boxes as spouses often hid cash and jewelry in them when they face a divorce. You can ask your lawyer to put a freeze on them so your spouse does not have access to it.
Try to get a hold of as many tax returns as you possibly can. You can normally order them from the IRS or get them from the family accountant who prepared your tax returns jointly. You are entitled to them and the court will likely need them to make financial determinations on your divorce case.
I hope you found this article helpful!