GETTING MONEY SMART

I often interview people who are about to get divorced that have absolutely no inking of their finances. They will tell me that their spouse “handles all the bills” and that they have no idea what money they have or where they have it. This is a significant disadvantage when entering a divorce.

Divorce in New York is strictly a financial process. Not knowing anything about your financial situation can allow the other spouse to liquidate or hide assets. If you are getting divorced or you think you may be headed to one, the smartest thing you can do is to get educated about your finances. Know in what institutions your accounts are located, and know the amounts. This includes retirement accounts and records of real estate purchases. Get and keep copies of statements and tax returns. If a divorce is imminent, keep the copies somewhere other than the marital residence, lest they disappear later on.

In short, forewarned is forearmed. Know your finances.

Back