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Think about the future when going through a divorce

It can be a challenge for New York residents to look toward the future when their marriages are ending. However, the future is exactly where they should be looking since once the divorce process is complete, they will need to be able to create a new life with the financial resources they have. What resources they leave the marriage with will depend on how well prepared they are.

Information regarding the couple’s assets and liabilities will need to be gathered. Once the parties have a relatively complete understanding of what the marital estate is comprised of, each of them will need to determine what they will need to live after the divorce. Each party will need some idea regarding what it will take to create the post-divorce future they envision.

More than likely, some discretionary expenses and luxuries might need to be scaled back or eliminated — at least at first. A New York couple’s resources might have provided a comfortable life during the marriage, but when those same resources will be supporting two separate households, the reality of the financial impact of the divorce comes into focus. The parties will also need to realize that in order for each of them to have a chance at a secure financial future, they need to be able to compromise.

Neither party will receive everything they desire in the divorce settlement, but working together could bring them close to it. Each party needs to be willing to give up something in order to get what they really want. Therefore, it is imperative to understand what is truly important to walk away with, and what can be let go.

Source: financial-planning.com, “How I advise clients on divorce after my own”, Lise Robinson, Sept. 30, 2016