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Understanding personal finances offer divorce benefits

While money can play a considerable role in a person's life at any time, finances can become particularly important when a marriage is coming to an end. Between needing to understand what assets exist, how an individual may be affected by certain outcomes and what divorce proceedings could have the most significant impacts, financial knowledge could become a lifeline. As a result, many New York residents may want to understand how to better prepare for their cases.

First of all, parties may want to to start off by knowing what they have. This means that they may need to take stock of any financial accounts they have, their spouses have and how those accounts may be shared. Additionally, the type of account could also be of importance as dividing stocks, for example, could add a layer of complexity to property division if such assets exist.

Next, individuals may want to assess their personal lifestyles. Their current living expenses could help them determine how much money they may need after divorce to continue living the same -- or at least similar -- lifestyle. These needs could impact how parties choose to negotiate settlement terms.

Of course, one of the biggest impacts divorce can have takes place during property division. The property maintained and lost during these proceedings could have tremendous financial effects, especially if taxes and other details come into play. Because of this impact, concerned New York residents may wish to discuss potential outcomes with their legal counsel and determine their best possible options for working toward the results they desire.

Source: kare11.com, "Navigating divorce while keeping finances straight", Kim Insley, Sept. 13, 2017

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