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Understanding finances important part of divorce proceeding

The end of a marriage can be one of the most stressful experiences of a person's life. This is particularly true for individuals getting divorced later in life. However, a couple of tips may help people to navigate the divorce process in New York with more confidence.

First, it may be helpful to contact one's financial planner or accountant, especially if the other spouse was the one to handle a majority of the family finances. A financial professional may help organize assets and debts and define what exactly is at stake. He or she might also be able to identify any accounting anomalies regarding assets that suggest a lack of full disclosure.

Also, it is critical to understand more than simply an asset's face value. For instance, real estate might have a different level of growth than that of a retirement account. In addition, liquidating certain assets may have various tax consequences. For instance, a withdrawal from a regular IRA is taxable, whereas one from a Roth IRA is not.

A New York divorce can be overwhelming with many issues that must be tackled, ranging from how to divide assets and debts to how to deal with any child custody issues. A basic understanding of the law may help each party to navigate this type of family law proceeding in a manner that ultimately benefits both of them. It can be particularly beneficial when the parties are able to achieve a mutually satisfactory settlement without the need to formally litigate the issues before a judge.

Source: chicagotribune.com, "How to tackle finances during divorce", Martha M. Hamilton, Dec. 2, 2016

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