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Knowing finances an important part of divorce

The process of dissolving a marriage in New York is not just an emotionally challenging experience -- it can be a financially difficult one too. A U. S. Government Accountability Office report from 2012 indicated that divorce can lead to more than a 40 percent decrease in income for females. Meanwhile, this drop is more than 20 percent for men.

Because finances can take a hit during the divorce process, taking stock of all of one's cash flow is critical early on. In fact, knowing how much money is flowing into and out of a household is beneficial whether a divorce is impending or not. However, having this knowledge is especially paramount when a marital split-up is about to happen.

The first step toward gaining this knowledge is determining how both spouses are getting paid, from whom, and how much. Then, listing all current expenses is necessary for determining how much is left over at the end of the month. Finally, determining which expenses will change after the divorce -- such as housing perhaps -- is essential for creating an accurate post-divorce budget that also reflects one's predicted post-divorce income.

Money can get messy during a divorce, no matter how much or little is being disputed during asset division. However, if both parties can find common ground at the negotiating table, they can save themselves a lot of stress and money in the long run. An attorney can help with ensuring that a fair division of assets takes place during a New York divorce proceeding.

Source: newsok.com, "Don't Let Divorce Ruin Your Finances", June 23, 2017

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