Manhattan family law attorney Martin Mohr (https://www.newyorkfamilylawgroup.com/how-to-ready-your-finances-when-facing-divorce/), a respected figure in the New York Family Law Group, has recently published a detailed guide on preparing one’s finances for divorce. The article, titled “How To Ready Your Finances When Facing Divorce,” provides a comprehensive roadmap for individuals anticipating or currently undergoing the process of divorce.
In his article, Manhattan family law attorney Martin Mohr highlights the importance of being financially prepared, stating that this step can significantly reduce the stress and anxiety often associated with divorce proceedings. He emphasizes that a clear understanding of one’s financial situation can also free up time to focus on other important aspects, such as parenting and personal well-being.
Manhattan family law attorney Martin Mohr shares the initial step in financial preparation: accounting for all assets and liabilities. He notes, “This can include property, financial accounts like retirement plans or 401(k)’s, or any debt that may be owed. It will give a clear picture when mediating or going to court and allow the division of assets to begin from a clear understanding.”
Following this, Mohr suggests documenting and understanding the entire financial situation, including bank statements, property values, and even details like credit card statements and receipts of major purchases. He also recommends creating an income and expense spreadsheet that documents total and expected income, alongside known monthly expenses.
Mohr adds, “By comparing that with the documentation of known expenses for each month, it will complete the financial picture and allow them to begin the divorce process with a clear and honest understanding of their exact financial standing.”
Mohr’s article also provides insightful tips on protecting personal finances before and during a divorce, such as separating finances early in the process, preparing a personal financial plan, reviewing taxes and assets, and understanding when it’s better to settle. He even suggests the possibility of a postnuptial agreement to protect assets.
About New York Family Law Group:
New York Family Law Group is a renowned legal practice with a strong focus on family law matters. Situated in Manhattan, the firm is recognized for providing empathetic, dedicated, and knowledgeable legal guidance to families and individuals navigating difficult circumstances. The team, led by highly regarded attorney Martin Mohr, stands out for its deep understanding of the intricacies of family law, especially in divorce and child custody cases. The New York Family Law Group is committed to offering a comprehensive suite of legal services that support and empower families during challenging times.
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