Divorce can be a financially taxing event for anyone, including New York residents. Therefore, individuals may wish to prepare before moving forward with the divorce process in hopes of potentially lessening the financial blow. Luckily, there are options that individuals could consider that may allow them to better understand their finances and how their cases could be affected.

The first step that an individual may wish to take is to evaluate the current state of his or her finances. This step can help that person determine which legal avenues may be most plausible to follow. In addition to his or her own finances, understanding the other party’s finances is essential as well. Because combined household monetary obligations can affect divorce proceedings, having a conversation on the state of debt, income and assets may prove useful. 

During this conversation, it may also be helpful to begin organizing important financial documents. These documents should include W-2s, tax returns, bank and retirement account information, as well as other paperwork. Having this paperwork in order could help streamline the process of understanding how finances and property will be considered during divorce.

If New York residents are still concerned about the financial impacts divorce could have on their lives, they may wish to consider consulting with experienced divorce attorneys. Legal counsel could potentially give insight on specific factors of each case and help determine which strategies may prove useful. Interested individuals may wish to gain more knowledge on the divorce process and which options may be best for them.

Source: kob.com, “Financial Preparations for Divorce“, Feb. 16, 2016