6 SPRING CLEANING DIVORCE TIPS
Yeaaay! Spring is finally here! I thought it would never come.
With the change of season comes the deep desire to start getting rid of
the old and bring in the new. Cleaning out the closets, getting organized,
opening up the windows, and airing out the house. It feels good!!
For those thinking about divorce, I say it’s time to get divorce-ready
and organized.
Here are some helpful tips:
Locate and Organize your Financial Documents
a. make a list of all your financial documents;
b. locate them;
c. make copies.
As part of your divorce preparation, knowing about your finances, and gathering
the documents will give you solid knowledge and power. This will also
save you time, expense and anxiety. Once you gather all the documents,
make a copy for yourself. You may want to put the copies in a safety deposit
box or leave them with a trusted family member or friend until you are
ready to hire a divorce attorney or divorce mediator.
Please Check Your Credit
I’ve seen so many clients get side-swiped by not knowing about their
credit. Don’t be one of them. During your marriage you may not have
been paying attention to your individual credit. As a woman, if you are
going to be newly single after divorce, your credit will be critical to
your financial wellness. Please get a copy of your credit report now!
This way if there are any discrepancies or issues, you can start working
on fixing them.
Also keep a close eye on your joint credit card statements. Especially
if you think your husband is cheating. You may just find purchases he
is making for his girlfriend. This documentation will be valuable once
you get your divorce underway!
Get a Bank Account and Credit Card in your Name!
If you don’t have your own bank account or credit card, you should!
Be discreet. Use a different bank from where you have your joint accounts.
Open both a checking and savings account in your name only. Apply to different
credit card companies, but do not use your home address, and do so before
you will actually need the credit card.
Know your Tax Situation.
Divorce will change your future tax status. Divorce may mean a significant
change to your income structure. There may be spousal support, capital
gains, and sale of investments and assets. Tax considerations account
for some of the complexity of dividing assets in divorce.
Put together your Divorce Dream Team.
Divorce is complex, costly and can be painful. But it doesn’t have
to be. Consider a divorce mediator, a financial planner, and a therapist.
Select what works best for you. If cost is a consideration, and an amicable
approach is possible, consider mediation. It’s highly effective,
and the preferred divorce choice of millenials!
Consider a Compassionate Therapist
Divorce is a supercharged emotional time. You don’t have to go on
this journey alone.
In my legal practice, since I am also a psychologically-trained medical
professional, in addition to legal strategy I also provide emotional support
and psychological guidance. But since most attorneys don’t have
a psychological/medical background, if you do hire a divorce attorney,
I would also suggest you hire a therapist to help you through what can
be a difficult time. As part of my divorce mediation process I have amazing
therapists on my team to lend that extra support.
If you would like some help getting your divorce planning in place, call
me. I can give you some ideas on how to organize and execute your divorce.
212.734.1551
Happy Spring!
Lois