Coming to terms with the decision to go through with divorce may not be easy for New York residents. Though there will likely be many obstacles to face as they proceed with the divorce process, taking certain steps may be able to help them better prepare. Not letting their emotions get the better of them and having financial knowledge could be useful, especially during asset division.
In many households, one spouse may take care of the majority of the finances while the other spouse handles other areas. Though this may be an effective system during the marriage, it could potentially harm one party during divorce. If an individual is lacking knowledge on the household finances, there could be potential for hidden accounts or other funds to escape that party's notice.
Similarly, not knowing how taxes may affect certain property could also prove detrimental. An individual may believe that he or she is getting a fair share when the assets are awarded to him or her; however, those assets could have more taxes associated with them than the other individual's awards. Therefore, thoroughly assessing the value of items and potential taxation could save an individual from unexpected costs.
Because divorce proceedings can potentially become complex, understanding the process may prove exceedingly helpful. There may be aspects that New York residents did not consider or were not aware of, and by assessing their situations, they may have a better idea of how to approach the divorce process and asset division. Valuation of assets and divorce strategies could play a significant role in some proceedings, and gaining more knowledge on specific circumstances may be a step worth taking.
Source: CNBC, "Breaking up is hard to do: Protecting assets in divorce", Kelli B. Grant, Jan. 17, 2016