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Finances may worry New York residents during divorce

Many New York residents know that a divorce can disrupt many aspects of their lives, not the least of which is finances. The parties typically divide assets acquired during their marriage, and as a result, their respective financial conditions could drastically change. When working through the process of divorce, it makes good sense to be prepared and knowledgeable about all material financial issues.

One important step to take when entering divorce negotiations over finances is to gather pertinent documents. Information on bank accounts, investment records, tax returns and other similar accounts often play a pivotal role during the proceedings. This information could be presented as evidence in court, if necessary, and could help keep one or both parties from attempting to hide funds.

Another financial step to take is opening individual bank accounts and obtaining separate credit cards. Each individual can use these new accounts for his or her own purposes and in order to keep the other party from unjustly taking funds. If a couple used a joint account or both used an account that was under only one party's name, there could be a risk of one party restricting the other's access to marital funds. 

There are many aspects of a person's life that will need to be assessed when going through divorce proceedings in New York. Understandably, finances play a considerable role in how an individual is able to live his or her life. The parties may want to pay particular attention to how they could be affected and how they can protect themselves during and after the dissolution of their marriage. 

Source: The Huffington Post, "4 Steps to Being Financially Prepared for a Divorce", Sarah Chang, Oct. 5, 2015

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