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Emotional decisions in divorce may endanger financial stability

On Behalf of | Apr 17, 2014 | Divorce, Firm News |

No matter how amicable a divorce is, it remains an unpleasant experience for many. Most New York residents would probably want to get it over and done with, in order to move forward and build a new future. However, divorce is one thing that should not be rushed. Being as emotional as one would naturally be in this situation, all decisions should be carefully considered.

Financial decisions made during times of stress may have an impact on the remainder of one’s life. It may be best not to sign financial documents before one is over the initial shock of the imminent divorce, no matter how long it takes. It is not uncommon for individuals to sign away everything in an attempt to get the divorce finalized as quickly as possible.

The sensible thing to do would be to gather and organize all one’s financial documents. If the other spouse was in charge of finances during the marriage, don’t be intimidated. Get used to the idea of being the master of your own destiny. It is best to be prepared for when one has to meet with one’s chosen team of professionals to assist with the process.

If divorcing couples in New York come up against contentious matters that cause additional stress, they may want to explore the possibility of using a mediator. Having the assistance of an objective third party may help to resolve nagging issues to the satisfaction of both parties. Decisions made and documents signed when one is calm and unemotional may prove to be beneficial for both spouses in a divorce and provide a foundation for a stable financial future.

Source: blogs.wsj.com, “Three Steps To Stay Clear-Headed in a Divorce“, Michelle Perry Higgins, April 16, 2014