Financial Challenges You Must Overcome Immediately Following Divorce

Once your divorce is final, you will need to make some lifestyle changes to adjust for the fact that your financial situation may be much tighter for the foreseeable future. Below are a few examples of some of the specific financial challenges for which you should plan:

• Living situation: If you and your spouse owned a home together, your divorce agreement will have covered who will take control of the house or how you’ll split the proceeds from a sale. You will need to find a place to live, and with one income, your options may not be as numerous as they would have been with your spouse, especially if you also have children. Look into housing assistance programs. Otherwise, just know that you will need to be smart with your housing and the amenities you do and do not need.
• Childcare: Consider the costs of childcare, especially if you or your spouse stayed home with the kids before your divorce. This can be a significant, but necessary, expense.
• Health insurance: Your insurance situation may be completely different after your divorce if you had been on your spouse’s insurance. You can get COBRA insurance to maintain the same coverage, but it will cost quite a bit more. There are also other private insurance policies or coverage under the Affordable Care Act.
• Remaining debts: During your divorce, you will have split up responsibility for the debts you and your spouse incurred during the course of your marriage. You must factor these leftover debts into your financial situation moving forward, at least until they’re paid off.

For further guidance as you work through the divorce process, contact a trusted Long Island family law attorney with Bryan L. Salamone & Associates.