How can a New York individual have financial security after a divorce? Some people may have concerns that a divorce could leave them financially unstable and/or strapped with debt that was jointly accumulated. However, when a couple approaches divorce with the goal of post-divorce stability, it is possible that this goal can be reached according to the best interests of each individual.
Dividing financial accounts of all kinds is one of the most important steps that should be taken. Any joint accounts, including credit cards, should be split. If the parties cannot agree how accounts should be divided, it is possible that this issue can be resolved through the mediation process. It is also useful to obtain a copy of one’s credit report to be certain that one spouse is not left with an unfair portion of marital debt.
Some New York couples may be able to work together to come to a final divorce agreement regarding who will keep the house and other valuable assets. A divorce agreement should specify what will happen to every valuable asset with a significant monetary value. Certain assets, such as retirement accounts, require legally drafted documents to officially divide and transfer funds.
Most couples seek professional assistance in order to have their interests fully represented throughout the entire divorce process. How money and assets are divided in a divorce is the groundwork for post-divorce financial stability. Even though a divorce is rarely an easy process, it can be easier when an individual understands all financial options. An initial evaluation is generally the optimal starting point for any couple considering divorce.
Source: wgntv.com, “Your Money Matters: Surviving a divorce“, Nicole Middendorf, Aug. 25, 2014