The holiday season is often a time for family and reflection, but people in New York who are spending the holidays thinking of a divorce are certainly not alone. While divorce rates tend to hit yearly lows in December, with the New Year comes new resolutions and a sharp increase in divorce filings. However, instead of filing the moment that the calendar flips over, taking the time to gather necessary documents and information can make the process significantly easier.
In order to ensure the most fair and equitable division of assets possible, it is important to submit all relevant financial information. This includes not only bank accounts, but also investments portfolios, retirement savings and, in some instances, even life insurance policies. Storing hard copies of all of this information in a safe place prior to filing can make the process a little smoother; it can also help prevent either party from unfairly concealing or hiding important assets that should be taken into account during property division negotiations.
Tax concerns might not be an immediate concern for couples filing for divorce in the New Year, as couples who were still married on Dec. 31 of the previous year may still file joint taxes. Despite this, taxes should still be given consideration during this time. The tax implications for certain assets -- such as a home or investment property -- can affect how a couple chooses to divide up their property.
During the sometimes emotionally tumultuous divorce process, locating necessary financial information can be difficult. This is especially true if only one partner has access to the family home where hard copies of such documents are stored. In general, most New York couples are well advised to make sure that they have all of the necessary financial documents at their disposal prior to filing for divorce.
Source: Market Watch, "Divorcing in 2016? Get your affairs in order first", Quentin Fottrell, Dec. 12, 2015