If you are facing the prospect of divorce, it is essential for you to take certain key steps to protect your legal and financial interests before you file your divorce papers with the court. Divorce involves essential legal and financial rights that will affect you for the rest of your life. You cannot afford to wallow in anger, shame, resentment or despair. You must act proactively and strategically. The protective measures that are set forth in this article should be undertaken as soon as possible, even before you retain a divorce lawyer.

The first crucial step for anyone considering divorce is to begin gathering and reviewing financial records, from the beginning of your marital relationship to the present. Preserving financial records is a matter of utmost importance. Records relating to bank records, credit card accounts, retirement accounts, and investment accounts (under both your name and that of your spouse) must be gathered and stored in a secure location. Regrettably, after a divorce case is commenced, it may be too late. At that juncture, your spouse may selectively withhold certain items (such as information about his or her retirement benefits).

Although nearly all jurisdictions require full disclosure and exchange by both parties of their respective financial records and information, many spouses attempt to evade their disclosure obligations, or to only selectively disclosure partial information so as to distort the actual value of their assets. For example, in New York, all contested divorce actions begin with full financial disclosure by each side, in the form of a Statement of Net Worth. According to New York’s Domestic Relations Law, a Statement of Net Worth is supposed to be an exhaustive and comprehensive statement of all assets, liabilities, income, and other financial data, of both parties. Comparable forms are required in other jurisdictions. In New Jersey, the financial disclosure form required in contested divorce actions is called a “Case Information Statement.” Although the terminology used in each state is different, the concept is similar. Each side in a divorce is supposed to provide full financial disclosure to the court and to his or her spouse.

In practice, many spouses try to withhold information. By preserving and protecting financial information and records before the commencement of a divorce action, you help ensure that you will be able to provide full disclosure required under the law. In addition, if necessary, you will be able to more effectively address any inadequacies in the disclosure provided by your spouse. You will save thousands of dollars in potential legal fees by proactively preserving financial records before you file for divorce.

Before filing for your divorce, you may also wish to consider getting copies of your credit reports from the major three financial credit agencies. This will enable you to determine whether your spouse secretly amassed debts for which you may be held accountable. It will also put you on notice as to how difficult it may be for you to move forward with your financial life after the divorce. Although a divorce judge may not be able to stop creditors from seeking recourse against you, the judge may direct your spouse to pay debits or reimburse you for obligations that he or she incurred in your name.

Finally, you need to begin the process of finding an experienced divorce attorney. You should begin meeting with divorce lawyers as soon as possible. It is essential to meet with a divorce lawyer before you make any major changes in your life. Do not move out of your marital residence without first consulting with an experienced divorce lawyer. Finding a lawyer requires that you interview more than one divorce attorney. Your selection of a matrimonial attorney should involve the selection of several factors, including the attorney’s experience, and your ability to afford his or her rates. Because divorce involves personal aspects of your life, it is also important for you to select someone with whom you are comfortable communicating. A great divorce lawyer may not be the right lawyer for you if you cannot develop a good working relationship with that attorney.

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