Unfortunately divorce proceedings can deal a financial blow to the parties involved. However, there are several things divorcing individuals in New York can do to protect their finances each step of the way. Here is a rundown on what to do and what not to do financially when ending a marriage.
Take account of one’s assets
Even those individuals who do not view themselves as wealthy may still have a larger number of assets than they realize. One important step for anyone going through a divorce is to itemize all marital assets. This includes stocks, bonds, 401(k) accounts, savings accounts and even any 529 accounts. It also includes determining how much debt exists, including credit card obligations.
Avoid hiding cash
Some divorcing parties may be tempted to hide money if they feel that their spouses are not trustworthy. It’s not a good idea, as it may escalate tension between the two parties once discovered. In addition, it may cause the person who is hiding money to lose credibility in court and suffer the potential consequences.
How an attorney can help
As seen above, the handling of financial aspects of a divorce can get complicated quickly. An experienced New York family law attorney can provide the guidance needed during this challenging time, helping a client to make educated decisions about how to best handle matters such as property division and spousal support. During this process, the attorney will work diligently toward a fair and comprehensive settlement that personally benefits the client.