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Financial preparation may make divorce process easier

| Aug 22, 2019 | Divorce |

Ending a marriage can no doubt be a complicated ordeal in New York. Although divorce can be hard to process emotionally, the financial aspect of divorce can also be a source of confusion and stress. However, taking steps to understand one’s financial situation before filing for divorce may help to make the divorce process easier.

For starters, it is a good idea to retrieve several types of documents to gather essential financial information. These documents include statements for bank accounts and credit cards. They also include statements regarding retirement and investment savings as well as bill statements. Likewise, a previous tax return may provide helpful financial data. This information can show a divorcing spouse what his or her current liabilities and assets are.

With this information, a person who is going through divorce can feel more confident when he or she begins the negotiation process with the other party. For example, this individual may determine that pursuing a fair share of the household’s cash assets is more important to him or her than trying to hold on to the marital home. If a divorcing spouse fails to gather financial information, he or she might end up making ill-informed decisions with negative long-term implications.

An attorney in New York can help a divorcing individual to gather the financial information needed to make wise decisions when dealing with asset distribution and even spousal support. The attorney’s aim in this situation is to assure that the client’s rights are upheld during the divorce proceeding. The attorney will also strive to make sure that the divorcing spouse’s financial best interests are protected long term.

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