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Property division during divorce has financial impacts long term

During the process of getting divorced in Bronxville, the emotional aspect of this type of legal proceeding can be overwhelming. Unfortunately, when emotions are running high, it can be easy to overlook the financial aspect of the divorce proceeding and make ill-informed decisions about matters such as property division. These decisions can have a major impact months and even years following the finalizing of the divorce.

An important first step when starting the process of dissolving a marriage is writing down all assets and income. This information can then be compared with one’s financial needs. From this, it can be determined whether working part time or full time may be necessary in the future to meet ongoing expenses.

It can also be helpful to talk to somebody who is knowledgeable about tax issues, such as an accountant. After all, dissolving a retirement account such as an IRA or 403B has tax implications. It is also easier to make wise decisions about assets such as stocks if an accountant provides information on whether or not capital gains taxes would be incurred following the sale of such assets in an effort to produce cash for either of the parties during the divorce.

When two spouses are going through a divorce in Bronxville, they may find it beneficial to tackle their disputes about property division at the negotiation table. This allows them to maintain a sense of control over the legal proceeding versus having to rely on a judge to make financial decisions for them at trial. An attorney can help with the process of negotiating as secure of a future as possible considering the circumstances surrounding the marital dissolution.

Source: wotv4women.com, “How to assess your finances post-divorce“, Gail Saukas, March 15, 2017