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Divorce tips target common experience of financial hardship

On Behalf of | May 13, 2016 | High Net-Worth Divorce

Beyond the emotional estrangement and loss of stability commonly experienced by divorcing New York couples, one or both partners is likely to face financial hardship throughout the process. There are some suggestions on important financial steps to take in order to avoid the worst asset division outcomes.

The most common advice given to anyone considering a divorce is to gather passwords, account log-ins and any financial documents. This includes business assets, pensions, property interests and any other assets that appreciated, were funded or were obtained during the marriage.

People who have gone through a divorce often have plenty to regret about their final agreements.This could involve incomplete provisions, missing items or spending too much money in ultimately frivolous arguments. It can often be advisable to speak with friends and family members who have gone through this experience to see what they recommend including in an agreement covering property division.

Also key for a divorcing spouse is the choice of an attorney for representation throughout the process. The attorney should have a practice that is largely focused on these types of family law matters, as experience can often significantly affect the outcome. Copies of financial and other documents that have been made along with photos of household furnishings, artwork and antiques should be brought to the initial meeting. The division of property is often complex, but these types of evidence will be helpful. A determination will have to be made at some point as to how the proceedings should be handled. If and when it is feasible, an attorney might recommend mediation or negotiations instead of having to resolve issues in a courtroom setting.

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