When faced with the prospect of divorce, many New York spouses are unsure how to proceed. The process of unraveling a shared life is daunting, especially when it comes to matters related to property division. The division of marital wealth will have lasting ramifications for both spouses, and is an area where extreme caution should be employed. For those who are in the early stages of same sex divorce/family law matters, it may be helpful to make use of a professional financial advisor.
Many financial advisors receive special training that allows them to assist individuals who are going through a divorce. These pros understand the ins and outs of various divorce decisions. They can advise clients on how to divide marital wealth in a way that reduces taxes, preserves wealth and suits each client’s individual financial goals and needs.
In addition, a financial advisor can help clients create a post-divorce budget. Understanding the full range of expenses that will follow the end of a marriage can empower spouses to make the best possible financial decisions as they move forward in their single lives. No one wants to be surprised by an unexpected expense, and comprehensive budgeting can help avoid that outcome.
No New York resident should feel ashamed of reaching out for professional help when it comes to same sex divorce/family law matters. Assembling the best possible divorce team is a wise move. Including a financial advisor on the team is a great way to preserve wealth during the divorce process and chart a course for future financial success.
Source: CNBC, “Headed for divorce court? Here are your top 5 financial musts“, Andrew Osterland, Dec. 22, 2016