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Financial issues to consider in New York before divorce

Often, when emotions are running high and one spouse is considering separation, it's tempting for that spouse to simply get up and walk out the door. However, before leaving, an individual considering divorce usually benefits from first securing his or her financial situation. An experienced New York family law attorney would be able to offer detailed guidance and insight throughout the divorce proceedings, but there are a few general economic guidelines worth considering.

First and foremost, unless physical abuse factors into the personal safety of the spouse, it might be the wisest course of action to remain until there is a financial plan in place, or at least the beginnings of one. The individual considering separation could prepare by getting a general idea of the cost of living on his or her own, and then making a budget. Another element to consider is medical care, especially if the spouse who is leaving does not have his or her own medical insurance but rather is included on the spouse's policy.

Developing an outline of shared assets and their value may prove advantageous. Individuals will likely need to consider what income can be derived from assets and whether these assets are separate or marital. An attorney will work with his client to address these issues, but having some idea in advance may give the spouse a place to start.

Spouses, even unhappy ones, rarely take the decision to end a marriage lightly, but even when emotions are high, there are always financial aspects to consider. When an individual decides he or she is ready to separate from a spouse, some basic planning with the help of a New York family law attorney can make a big difference in the financial outcome of the divorce. An experienced attorney can offer counsel throughout the proceedings and protect the client's legal rights.

Source: lifemanagement.com, "Basic Economic Issues for a Pending Separation", Jan L. Warner & Jan Collins, Accessed on Nov. 28, 2016

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