Figuring out finances during the process of divorce in New York. This is particularly true for individuals whose future ex-spouses primarily controlled the household finances. However, a couple of tips can help with taking the stress out of managing finances during and after divorce.
Specific moves to make
An important financial step to take during divorce is to gather and record information about one’s liabilities and assets. For instance, divorcing individuals would be wise to make lists of their household items, such as furniture, artwork, and jewelry. Likewise, they may want to generate lists of their liabilities, such as their mortgages or personal loans. This information will help with making decisions regarding the splitting of liabilities and assets during the divorce process.
In addition, following the divorce proceeding, newly divorced individuals may want to update their beneficiary designations and estate plans. This may involve removing their ex-spouses’ names from their wills, for example. They may also want to eliminate the ex-spouses’ names from their medical directives and stock options.
Legal support could be crucial
Navigating a divorce can understandably be challenging both emotionally and financially, but an experienced family law attorney in New York can help a divorcing individual to seek a just settlement through mediation, which is typically less acrimonious than traditional divorce litigation. Whether through mediation or litigation, a savvy attorney will help his or her client to pursue his or her fair share of assets while pursuing the most optimal outcome possible given the unique circumstances.