When you’re planning a life together with your spouse, you likely assume you’re going to be with that person forever. However, life presents us with situations and decisions that can change our original plans. If you’re a New York resident and considering divorce, here are some suggestions for making the right steps in the process.
Gather your financial information
It might be a good idea to review your financial details and figure out which assets belong to you, which belong to your spouse, and which you own jointly. Determine what you owe and what your ex is responsible for financially. This can keep you from being caught off guard when it comes to paying certain debts or taking on new financial obligations during and after your divorce. Once you decide to get a divorce, you can start coming up with a debt repayment plan for yourself based on your budget. This could keep you from being overwhelmed with debt once the divorce is final.
Most experts advise not moving out of the marital home until the divorce is final or you and your spouse have agreed on what to do with the home you once shared. Unless the home environment is unsafe for you, it’s usually a good idea to remain in your home to prevent negatively impacting the case. Moving could make the judge think that you have no interest in the marital home, which could affect your overall divorce settlement.
Get your own credit
If you don’t have credit cards or other accounts in your name, you may want to start establishing your own lines of credit. It may be best to take this step while you are still legally married and have greater approval odds.
Once you know that divorce is inevitable, you may want to start making financial plans to handle your debts and other responsibilities as soon as possible.