Divorce in New York can naturally be a challenging and costly process both financially and emotionally. Making a mistake during a divorce proceeding may make matters even worse, potentially having long-term consequences. A few tips may help people to navigate the divorce process more confidently.
While trying to reach a property settlement, both divorcing individuals must ascertain their marital estate’s value. The estate consists of the possessions and property they acquired while they were married. It does not include any property that they acquired separately, including inheritances.
In some divorce cases, this property must be appraised, or in the case of a business, the business has to be valued by a professional. After the couple has determined their estate’s value, they must determine what debt is tied to their assets and which party will have to assume responsibility for it. Appropriate legal guidance is valuable during a marital split-up because various issues that crop up during the divorce proceeding can be complicated to handle on one’s own.
In many cases, a divorcing couple can reach a property settlement agreement, which prevents the divorce from having to be litigated. Many couples, additionally, come to an agreement on a parenting plan, thus again avoiding litigation. However, if a New York couple is unable to reach a settlement that is mutually satisfactory, the divorce court will have to get involved and make important decisions for them in areas such as asset division and child custody. It is within the rights of both parties to pursue their best interests while still considering the other party’s wishes.
Source: theindependent.com, “Divorce involves more costs than many realize“, Jeff Bahr, Oct. 4, 2015
