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Divorce aspects may impact financial lives of New York residents

Dealing with money problems under any circumstances can prove stressful. When New York residents go through divorce, they may find that their finances have taken much harder hits than they were expecting. As a result, they may begin looking for ways to get their financial affairs back on track while continuing to provide for themselves and their families.

One of the first steps parties may find helpful is to understand their current financial state. This means individuals may need to create and understand a personal balance sheet. This document can list debts owed, money saved and expenses due as well as property owned and income changes. By having this information organized, people may feel more in charge of their finances and understand what steps they need to take to address pressing matters.

Parties may also want to assess their financial goals. When married, they may have had certain goals that are no longer realistic as a single person. Therefore, they may wish to set smaller goals or adjust timelines for bigger goals. Keeping goals may prove important as each milestone reached can act as motivation for continued financial improvement. 

In addition to the goals and steps taken after divorce, New York residents may also want to determine what steps they could take during the legal proceedings to address financial issues. Property division, child support, alimony and various other aspects of the process can have significant financial implications, and the right information could help concerned parties determine how to achieve the best outcomes. Interested individuals may wish to enlist the assistance of experienced attorneys who could help work toward the best possible results.

Source: USA Today, "Divorce wiped me out financially. Here's how I bounced back.", Tamara Holmes, May 25, 2017

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