The Law Offices of James A. Cuddy, LLC

Planning for divorce Part II - The Financials

Welcome to the second installment in our “Planning for Divorce” series.  In our experience, we have found that our clients fare better when they take the time to plan for their divorce by taking additional steps to solidify their life after divorce instead of just quickly meeting with a lawyer and filing a petition as quickly as possible. Yes, the end of a relationship  is an emotional experience, but your decisions in a divorce should not be based solely on emotion.

With that, we offer the next part of our series, which focuses on financials

Collect financial statements – In the event you do not handle the finances in your household, it is imperative to collect statements dealing with your bank accounts, investment accounts, retirement accounts and credit cards so that you understand what your assets are and what your liabilities are. This will help your attorney in determining what a reasonable property settlement may look like.

Think about what your budget will be –Most people don’t think about how they will pay the bills while  the divorce is pending. Because of this, they run into financial problems while trying to maintain their household on one income. As such, it is imperative to know what your budget will be, since it may be some time before a support order (spousal or child) is issued.  

Get your credit report – You may be surprised to find out how many charges you may be unfamiliar with. This may be especially troubling if your spouse has opened joint credit card accounts or loans without you knowing it.

 

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The Law Offices of James A. Cuddy, LLC
525 Bridgeport Avenue, Suite 201 Shelton, CT 06484
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