How to Financially Prepare for Divorce

One of the things that holds people back from getting a divorce sooner is the fear of the unknown. They do not know what their life will be like after the divorce, living without their partner and in entirely new circumstances. A huge consideration in that fear is fear of the financial changes that will come along with divorce. No matter what lifestyle you are accustomed to in your marriage, it will be vastly different after a divorce.

At Andrea L. Gamalski Attorney & Counselor at Law, we believe wholeheartedly in preparing people for the journey they are about to go on. Especially at the beginning of the process, finances can be unclear and people might be hesitant to even talk about the options they have. Freedom isn’t free, but there is absolutely a way to become unmarried without breaking the bank. To find it, you just have to talk to us first.

There are things you can be doing to financially prepare even before you take that first step. Here are some things you should be doing from when you first start considering divorce:

Assess Your Budget. Your first step should be simply looking at how much money you are making and how much you are spending. Simply knowing that will be a boon to you. Know that your income will change no matter what during and following a divorce, so start looking for places where you can cut corners. You might be surprised what you can actually live without.

Have Your Documents Ready. This is a big one. Start saving and documenting everything. Make sure you have bank statements from the last few years or as far back as you can get them. Have all your important documents compiled together, along with any leases or payment agreements for things like houses, cars, and businesses. Copy large monthly bills and expenses as well.

Take It Easy. Preparing for divorce is not the time to buy a new house or a new car or a new yacht. It is a time to start saving and to play it cool financially. This will help you prepare and illustrate that you can be trusted to be responsible with money.

Expect the Unexpected. If there’s one thing you can count on, it’s that the divorce process is complex and frequently underexplained. In New York, for example, most people don’t realize that an order of child support does not automatically stop when the child in question turns 21. The paying parent has to request a stop around the child’s birthday in order to receive one. For every situation like this, there are dozens others that people don’t realize until after it has happened to them.

Ask For Help! As soon as you think about wanting a divorce, there is no time too soon to ask for help. We can help assess your situation in all ways, including financial, and help advise you on the best way to move forward. Contact Andrea L. Gamalski Attorney & Counselor at Law today to get the help you need. You deserve an attorney you can trust!

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Andrea L. Gamalski Attorneys at Law

Andrea L. Gamalski understands how important it is to have a compassionate and empathetic family law attorney who fights hard for their clients in the courtroom–mainly because she’s been one of these clients herself.

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