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Alimony, other divorce settlement outcomes may impact finances

Staying on top of finances is important during any stage of life. An emergency or considerable life change could occur, and without the proper financial knowledge, individuals may feel at a loss. When it comes to divorce, understanding how settlement terms and other outcomes could impact future finances may be vital.

New York residents may have many areas of interest related to their monetary funds during divorce. One area that may provide some concerns relates to alimony. Though individuals who receive alimony after ending their marriages may feel that it is helpful to their newly single situations, they may want to remember that receiving this support counts as income. As a result, an alimony recipient will face taxation on the amount they receive.

After learning the outcomes of alimony agreements and similar factors, parties may want to work on creating a budget. Because spending habits may need to change after a marriage dissolves, people could benefit from understanding their assets and liabilities. This information could help them know how much they have to spend and determine the best ways to allocate their funds to meet their desired lifestyles.

Though dealing with finances can be a headache for anyone, not paying attention to financial changes could have detrimental effects. New York residents who are going through divorce may want to ensure that they understand how the potential terms of their settlements could affect them financially. This understanding could help them determine whether they may need to negotiate for different terms or take other steps to prepare for life after divorce. Obtaining assistance from experienced attorneys may prove useful to interested parties.

Source: CNBC, "Financial planning for divorce -- it's not just for women", Beth Lynch, Oct. 2, 2017

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