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Preparation may lessen financial blows of divorce in New York

When ending a marriage, individuals will need to prepare for a variety of changes in their lives. In many circumstances, divorce can cause substantial financial issues for those involved. Therefore, New York residents may wish ensure that they prepare for possible financial impacts before and during the proceedings, as well as after their cases have been finalized. 

One way to get on top of finances before a divorce starts is to take a closer look at expenses. By understanding the current household expenses, parties may be better able to predict future costs and plan accordingly. As a result, they may have the ability to create a useful budget for themselves after their marriages end. Additionally, going over expenses and assets could come in handy during property division proceedings. 

As parties assess their current financial states, they may wish to take the time to gather documents that could prove useful during divorce proceedings. Bank account statements, retirement account information, credit card bills and tax returns are just a few documents that could have valuable information. Because it can take time to collect such documents, individuals hoping to adequately prepare may wish to begin their endeavor early. 

Handling financial blows after the fact can cause many hardships for affected parties. Therefore, New York residents going through divorce may want to ensure that they understand their finances in order to prepare themselves for their futures as single individuals. Additionally, those interested may wish to consult with experienced attorneys to determine what strategies may prove most useful to them when it comes to working toward the settlement terms they desire.

Source: nerdwallet.com, "7 Ways to Ready Your Finances for Divorce", Elizabeth Renter, May 30, 2017

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