Strategies for Planning Your Post-Divorce Finances

While married, couples usually build financial stability and long-term savings goals together, but when your partner is no longer in the picture, you may need to reassess your finances entirely.  

If you are going through a divorce, consider the following strategies to help with post-settlement financial security:

• Maintain awareness of your financial situation. As your divorce proceedings take place, think critically about how each outcome could affect your finances. Prepare for your post-divorce financial situation by going through past bank and credit card statements to fully understand where your money goes, and how much you will have after your divorce. You may wish to consult an advisor to discuss how best to allocate your remaining assets.

• Put yourself on a budget. In most divorce settlements one spouse is responsible for providing some sort of assistance to the other, such as alimony or child support. If you and your lawyer believe that you will need to pay this type of support, be sure to budget accordingly. It is important to the payer’s financial security that they do not get caught off guard by the need to provide spousal support.

• Make yourself employable. If you have been out of the workforce for an extended period of time, it is essential that you take the necessary steps to become employed and start earning a salary. If possible, during the course of your divorce, go through necessary training or certification classes to make sure you are able to find a job once you are on your own.

• Don’t rule out downsizing. Depending on your financial situation, moving your family to a smaller home may be a smart fiscal decision. Sometimes, keeping a larger home is simply not doable or advisable on a single income. Speak with your attorney and financial advisor about what they recommend as a best course of action.

If you could use reliable guidance and advice as you go through divorce, work with an experienced Long Island family law attorney at Bryan L. Salamone & Associates, P.C.