Financial Preparation Checklist: 30 Days Before Filing for Divorce in New York

The month before filing for divorce is your strategic window to gather critical financial documentation, secure your independence, and position yourself for favorable negotiations. Proper preparation during this period protects your interests and establishes the foundation for equitable resolution.

Key Takeaways:

• Gather comprehensive financial documentation before filing such as tax returns, bank statements, investment accounts, property records, and debt information to ensure accurate asset division and support calculations.
• Secure separate accounts and monitor joint finances by opening individual accounts, tracking spending patterns, and documenting any unusual withdrawals or transfers to protect yourself financially.
• Prepare for immediate post-filing changes by updating beneficiaries, understanding how automatic orders affect you, and creating a realistic budget that reflects your new single-income household reality. 

The 30 days before filing for divorce represent a critical window for financial preparation. The decisions you make during this time can significantly impact your financial settlement and your ability to protect your interests throughout the divorce process.

Thorough financial preparation isn’t about hiding assets—it’s about ensuring you have a complete, accurate picture of your marital finances so you can make informed decisions and protect everything you’ve built. Strategic preparation, comprehensive documentation, and intelligent advocacy form the foundation of successful divorce outcomes, particularly when your financial life reflects years of careful planning and accumulated assets that deserve sophisticated protection.

Gather Essential Financial Documents

The foundation of any divorce settlement is accurate financial information. Start collecting copies of all financial documents now, while you still have full access to joint accounts and records.

Tax Returns and Income Documentation:

• Joint tax returns for at least the past three years
• Recent pay stubs for both spouses
• W-2 forms and 1099 forms for any self-employment or investment income
• Documentation of bonuses, commissions, or variable compensation

Bank and Investment Account Statements:

• At least six months of statements for all checking, savings, and money market accounts
• Brokerage accounts, IRAs, 401(k) plans, and pension statements
• Documentation showing patterns of deposits, withdrawals, and transfers

Real Estate and Property Records:

• Mortgage statements and property tax records
• Homeowner’s insurance policies
• Recent appraisals or valuations
• Closing documents from the purchase

Debt Documentation:

• Credit card statements
• Personal loans, car loans, and student loans
• Home equity lines of credit
• Any other outstanding obligations

Business Records (If Applicable):

• Business tax returns for the past three years
• Profit and loss statements and balance sheets
• Partnership or shareholder agreements
• Any existing business valuation reports

Secure Your Financial Independence

Opening separate accounts and establishing financial independence doesn’t mean you’re hiding assets. It means you’re protecting yourself and creating necessary boundaries as you prepare to separate your financial lives.

Open Individual Accounts: If you don’t already have accounts in your name only, open a checking account and savings account at a different financial institution. This provides financial autonomy and a safe place to deposit your separate income once the divorce process begins. Be transparent about these accounts in your financial disclosures.

Redirect Your Direct Deposits: Once you’ve opened individual accounts, arrange to have your paycheck deposited into your new personal checking account. This ensures that your income isn’t commingled with joint funds during the divorce process.

Monitor Joint Account Activity: Keep close watch on all joint accounts during this 30-day period and throughout the divorce. Document any large or unusual withdrawals, transfers, or purchases. New York courts take a dim view of dissipation of marital assets, and if your spouse is moving money around inappropriately, you’ll want contemporaneous documentation.

Establish Credit in Your Own Name: If you don’t have credit cards in your name only, consider applying for one now. Building independent credit becomes important for your post-divorce financial life.

Create a Realistic Post-Divorce Budget

Understanding your financial needs helps you negotiate more effectively and sets realistic expectations for your post-divorce life.

Calculate Your Current Living Expenses: Document what you actually spend each month on…

• Housing costs and utilities
• Groceries and household supplies
• Transportation and vehicle expenses
• Insurance premiums
• Childcare expenses
• Healthcare costs not covered by insurance
• Discretionary spending

Many people underestimate their actual monthly expenses, which can lead to inadequate spousal support or child support arrangements.

Project Your Post-Divorce Expenses: Your living expenses will change after divorce. You may need to account for separate housing costs, individual insurance premiums, childcare for the time children are with you, and the loss of economies of scale that comes with running two households instead of one. Our compassionate attorneys at Miller Law Group help clients develop realistic post-divorce budgets that reflect their actual needs and lifestyle.

Identify Necessary Adjustments: Be honest about where you may need to cut expenses or where additional income may be necessary. This preparation helps you approach settlement negotiations with a clear understanding of what financial arrangements you need to maintain stability.

Understand Automatic Orders and Restraints

Once divorce papers are filed in New York, automatic orders go into effect that restrict certain financial activities for both spouses.

Asset Protection Automatic Orders: New York law automatically restrains both parties from selling, transferring, or encumbering marital property without consent or court approval. Understanding these restrictions helps you plan accordingly.

Insurance Continuation Orders: Automatic orders typically require both parties to maintain existing insurance coverage, including health insurance, life insurance, and auto insurance. You cannot cancel policies or change beneficiaries without permission during proceedings.

Beneficiary Designations: While you may not be able to change beneficiaries once divorce papers are filed, reviewing these designations now helps you understand what changes you’ll want to make, including:

• Life insurance beneficiaries
• Retirement account beneficiaries
• Transfer-on-death designations for bank or investment accounts

Organize Information About Children and Support

If you have children, preparing information related to their care and expenses is essential for child support and custody determinations.

Document Childcare Expenses: Collect records showing what you pay for…

• Daycare and after-school care
• Summer camps and enrichment programs
• Babysitters and occasional care
• Other childcare-related costs

These expenses factor into child support calculations in New York.

Healthcare and Education Costs: Gather documentation of…

• Health insurance premiums for your children
• Out-of-pocket medical and dental expenses
• Therapy or special needs services
• Private school tuition, if applicable
• Extracurricular activity costs

These “add-on” expenses are often shared between parents in addition to basic child support.

Create a Parenting Schedule Overview: Document your current involvement in your children’s daily lives, like who does school drop-off and pick-up, who attends doctor appointments, and who helps with homework. This information becomes relevant in custody and parenting time determinations.

Protect Digital and Financial Privacy

In today’s digital age, protecting access to your financial information requires additional steps.

Change Passwords and PINs: Update passwords for your individual bank accounts, email accounts, and any online accounts that contain sensitive information. Use strong, unique passwords that your spouse couldn’t easily guess.

Secure Important Documents: Create copies of all financial documents and store them in a location your spouse cannot access—whether that’s a safe deposit box in your name only, with a trusted family member, or in secure cloud storage. Original documents should remain where they’re normally kept, but having your own complete set protects you if documents disappear.

Monitor Credit Reports: Pull your credit report and review it carefully for any accounts you don’t recognize or suspicious activity. Continue monitoring your credit throughout the divorce process.

Consult with Experienced Legal and Financial Professionals

The 30 days before filing is the ideal time to build your professional support team.

Meet with a Divorce Attorney: Even if you’re not ready to file immediately, consulting with our skilled New York divorce attorneys provides you with information about your rights, the divorce process in New York, what to expect regarding property division and support, and strategies for protecting your interests.

Consider a Financial Professional: For complex financial situations, especially those involving significant assets, business ownership, or complicated investment portfolios, meeting with a forensic accountant or Certified Divorce Financial Analyst can be invaluable. These professionals help you understand:

• Tax implications of various settlement options
• The real value of complex assets
• Long-term financial impact of different scenarios

Understand Your Options: New York offers multiple paths through divorce, including litigation, mediation, and collaborative divorce. Miller Law Group’s approach emphasizes finding the method that best serves your unique situation—whether it’s mediation, collaboration, or litigation, our approach adapts to your needs.

Timing Considerations for Filing

While preparing financially is important, timing your divorce filing involves several strategic considerations.

Tax Implications: Filing before or after December 31st can have significant tax consequences, especially regarding filing status and dependency exemptions. Your tax situation for the entire year is determined by your marital status on December 31st.

Insurance Coverage: If you’re covered under your spouse’s health insurance, understand that you’ll likely lose this coverage once the divorce is finalized. Planning for how you’ll obtain coverage should factor into your timing decisions.

Financial Stability: Make sure you have adequate resources to support yourself during the divorce process, which can take several months or longer. This might mean waiting to file until you’ve built up some savings or secured employment.

Taking the Next Step

The decisions you make in the 30 days before filing for divorce can set the trajectory for your entire divorce process and your financial future. Thorough preparation doesn’t just protect your interests—it reduces stress, speeds resolution, and helps you approach divorce proceedings with confidence and clarity.

At Miller Law Group, we’ve spent over 150 years of combined experience helping New York clients navigate divorce with intelligence, dignity, and strategic preparation. Divorce requires creative solutions for your unique situation, and we’re committed to protecting your rights and your financial future through every step of the process.

Divorce doesn’t have to be a battle! In fact, 97% of New York divorces settle. If you’re considering divorce or preparing to file, don’t navigate these critical financial decisions alone. Book your consultation with our trusted team today. Together, we’ll review your financial situation, discuss your concerns, and create a strategic approach that protects everything you’ve built while helping you move forward with confidence.

You’re more than a case file to us—you’re a person facing one of life’s most significant transitions. Let us provide the emotionally intelligent legal representation you deserve as you divorce with dignity.