When individuals in New York decide to embark on the divorce process, they may suddenly become overwhelmed by the many steps involved. These steps range from gathering the financial documentation needed to split assets, to working out child custody issues. However, amid all of the responsibilities that come with getting divorced, creating a viable financial plan with the help of a wealth manager should ideally be high on the priority list for multiple reasons.
Net worth statement creation
Wealth managers can help divorcing individuals to create statements of net worth, which provide accurate views of what these individuals’ financial situations will be after divorce. This statement details what assets a person owns in his or her own name, as well as what type of insurance he or she owns. It also highlights any debt the individual has, ranging from personal loans to credit cards and car payments. This document is designed to detail everything a divorcing individual spends, as this will help to inform his or her decisions regarding property division and even spousal support during the divorce proceeding.
Budget creation
Wealth managers can also help divorcing individuals to create budgets that accurately reflect how their lives will be post divorce. Through such budgets, divorcing individuals may determine that it would be in their best interest to return to work following divorce, as this would enable them to maintain their current lifestyles. Budgets may also show them where they might want to trim expenses moving forward.
Seeking the help of an attorney
In addition to working with a wealth manager, anyone going through divorce in New York would be wise to contact an attorney as soon as possible. An attorney can help a divorcing individual to pursue a just and comprehensive financial settlement. The attorney’s chief goal will be to protect his or her client’s future best interests while working diligently toward the best possible outcome for the unique set of circumstances involved.