Your New York Family Law Lawyer on Handling Assets for Divorce
Any financial information for you and your spouse will be particularly relevant for your divorce to proceed. Your New York family law attorney has outlined below how you should handle your liquid assets and savings at the beginning of your dissolution.
Your New York Family Law Lawyer Explains Handling Your Liquid Assets
Begin by opening an individual checking account in your name. Since bank and credit card accounts are often frozen during divorce proceedings, it is important to have access to cash at all times. Your New York family law lawyer will advise you that it is often best to close joint bank accounts and split the money evenly.
Closing your joint credit cards is advisable. Alternatively, you may ask your credit card company to monitor for changes. Any debt on a closed account can be transferred to individual cards.
Your New York Family Law Lawyer Explains Handling Your Savings Accounts
Your first step must be to freeze any joint investment accounts and gather the statements for these accounts from the bank.
Obtain a copy of your spouse’s retirement plan and of the most recent statement.
Division of assets is one of the prime causes of conflict during a divorce. The emotional and situational difficulties involved with divorce are difficult enough without adding antagonism that is unnecessary. If you are considering divorce, the most important thing you can do is to speak with a New York family law attorney. Call Donald Wall today at 212.695.6008.