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Protecting finances of great importance during divorce

Financial decisions can be difficult to make at any time, but they can be particularly overwhelming following the dissolution of a marriage in Bronxville. After all, divorce can quickly bring emotional pain. Financial questions that may be stressful to answer range from questions about which bank to use to questions about how to split a couple’s stock purchases. A few tips may be helpful to take to address the financial aspects of a martial split-up.

Ensuring that an existing credit score remains intact is of the utmost importance. If a vengeful spouse decides not to keep up with payments for which he or she is technically responsible, this can drag down an otherwise good credit score. Payments for electricity, credit cards and the mortgage, for example, must be continually made on time so as to maintain the ability to secure additional credit after the divorce.

In addition, it is critical to be aware of all assets that need to be split. Unfortunately, sometimes spouses hide assets to prevent them from having to be divided during divorce. Having information about all shared assets can ensure that the marital assets are shared in an equitable manner.

Dealing with the financial aspect of a marital dissolution can be hard even in the most amicable of divorce proceedings. However, an attorney can help with fostering an understanding of one’s financial situation and of how to negotiate effectively with a future ex during a divorce. Understanding divorce law and what is in one’s best interests can lead to a personally favorable outcome in Bronxville.

Source: ajc.com, “Victim of ‘Divorce Season’? Protect Your Finances”, Kevin Voigt, March 29, 2017