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Prepare for divorce financial considerations

On Behalf of | Jun 1, 2015 | High Net-Worth Divorce

It may be difficult not to bring emotion into the financial aspects of ending a marriage, but New York residents may work in their own best interest when they take the time to prepare and do it right. Being in a hurry to get the divorce papers signed can have a long-term detrimental effect on a person and their children.

For convenience, one person in a marriage often takes the lead when it comes to the household finances. The other partner should work to develop an understanding of income, expenses, investments and retirement accounts. This knowledge could help to make sure that the assets are identified and allocated properly during the property division phase of the divorce proceedings. It could also help to highlight any intentional concealment of assets on the other partner’s part.

In the haste to get a divorce behind them, some spouses may agree verbally to a proposed settlement provision but never get it in writing. If it is not in writing, it might not happen. Once an agreement is signed and presented to the court, it will help to ensure compliance by both parties.

Finally, it is critical for a divorcing person to have a support team of both legal and financial advisers. A fresh perspective and input may help to prevent hasty and harmful decisions that are made in the interest of just getting the divorce decree issued. If the family has had a trusted financial adviser in place and both parties desire to continue seeking input from them, it could be a workable arrangement. However, each party may wish to seek separate legal counsel even if they are not worried about a conflict of interest.

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