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Divorce financial planning can be beneficial

The rate at which people end their marriages has dropped over the past 40 years, going from about half to just under 40% now. Still, getting divorced sometimes cannot be avoided in situations where two people are unable to reconcile their differences. Divorce can unfortunately have negative financial impacts, but planning ahead may help to mitigate its effects in the short and long terms in New York.

Before starting the divorce process, soliciting the help of a financial planner may be a wise idea. That is because this type of planner may help those getting divorced to fully understand the types of assets and liabilities that have to be divided as part of the divorce process. Learning this information is especially important for the spouse who did not handle the family finances during the marriage. For instance, he or she did not handle bill payments, budget management or investing.

Asset and liability information is available on various types of documents. As an example, bank account and HSA statements highlight cash assets, as do 401(k), pension and IRA documents. In addition, tax returns spell out other types of assets that a couple may have, such as real estate. Furthermore, credit card statements indicate how much debt they may share.  

Figuring out how to handle divorce matters such as property division and alimony can no doubt be complicated and thus frustrating. However, an attorney in New York can examine a divorcing spouse's financial documents and help him or her to pursue an outcome that is in his or her best interests while negotiating a settlement with the other party. The attorney will also make sure that none of the client's legal rights are violated during any stage of the divorce proceeding.

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