How Can I Save Money During a Divorce in New York?

save money during a divorce

Whether you and your spouse are separating after three years or thirty years, ensuring you take the time to save money during a divorce is crucial. Unfortunately, divorce can be challenging to navigate financially, leaving you and your assets vulnerable during the divorce. When divorcing, ensuring you take the necessary steps to protect your assets and hard-earned money is crucial. Luckily, divorce attorneys in Nassau County can help you navigate the process and protect your wealth.

Save Money During a Divorce by Updating Your Will

When it comes to protecting your finances during and after a divorce, ensuring you change your will is crucial. Unfortunately, many forget to do this step which leaves their ex-spouse eligible to inherit assets after they pass. Though it can be stressful to consider, taking the time to update your will and make the necessary changes is vital.

Open Accounts in Your Name

When you and your spouse have opened a joint bank or credit card account, you may both have contributed toward the funds and spending. However, this can be dangerous, as you can be responsible for the debt your spouse accrues on the credit card. Instead, consider freezing or closing the account to avoid inheriting the responsibility.

Similarly, you’ll want to open a bank account and credit card in your name to help build up your credit score. This is vital if you want to apply for a car loan or mortgage down the line.

Review Your Assets

If your spouse primarily handles the bills and your finances, ensuring you take the time to review your assets is crucial. This can also help clue you into any hidden assets or accounts your spouse may be withholding to prevent splitting the money with you.

You should review and gather all financial statements, value assets like businesses and properties, track your expenses, and review your debts.

Hire an Experienced Attorney to Save Money During a Divorce

Finally, you’ll want to enlist the help of an experienced attorney. Though it may seem cheaper to try to navigate a divorce on your own, it can cost you tens of thousands of dollars in the long run.

Hiring the help of an experienced attorney can save you from inheriting debt that isn’t yours, paying more than you should in alimony, or giving up assets that can cost you down the line.

When you need assistance navigating your divorce and protecting your hard-earned finances, Barrows Levy is here to help. We understand that divorce can be stressful, and when you factor in the financial stressors, it can become overwhelming. Contact our dedicated legal team today to learn how we can help you.

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