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Financial preparation critical during divorce process

Even the best-laid plans for a marriage may end up going awry in Bronxville. After all, spouses and the situations they face can change over time and lead to irreconcilable differences. When divorce is inevitable, being prepared financially is critical.

When starting out on the road to divorce, a spouse's natural inclination may be to try to keep as much for himself or herself as possible in the way of assets. After all, feelings of resentment, bitterness and anger can easily cause one spouse to deprive the other spouse of as much as possible. This is particularly true in marriages where high-value assets or a large number of assets are at stake.

The problem with trying to go for everything is that this can end up being costly in the long run. Not only can it fan the flames of acrimony for an extended period of time but also it can be expensive financially. Both situations are not personally beneficial, and they can be particularly harmful if the divorce involves children as well.

If possible, two spouses who are getting divorced in Bronxville may want to try to go through mediation or collaborative divorce, which allows them to negotiate a divorce settlement. This allows them to try to find common ground when dealing with matters such as property distribution and even alimony. If they are unable to see eye to eye, however, they will have to go to trial and rely on a judge to determine the outcomes of their marital dissolution for them. The judge's decisions may ultimately not align with one or both parties' true wishes.

Source: seekingalpha.com, "Financial Tips For Women Getting Divorced", Russ Thornton, June 12, 2017

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