Financial Steps to Take in Your Divorce Preparation

Are you preparing to file for divorce? It’s important that you do everything in your power to set yourself up well financially after the divorce is finalized.

Below are just a few steps you can take to protect your financial situation so you can get off to a good start with your money as a newly single person:

• Budget: Before you get divorced, you should know exactly how much money you must make to maintain your current standard of living while covering all necessary expenses. The court will consider these calculations as it determines who gets which assets, who will be responsible for which debts and whether alimony will be paid in the divorce (and how much of it). Beyond your recurring utility bills and loan payments, consider your expenses for groceries, entertainment, maintenance, hygiene, charitable donations and anything else on which you regularly spend money.
• Apply for your own credit card: You are going to want to have cash to pay for the costs associated with your divorce, and liquid cash might be hard to come by in the immediate aftermath of your divorce. Therefore, you should apply for your own credit card as soon as possible so you can temporarily cover your expenses until you finalize the divorce and start receiving alimony and child support.
• Save up money of your own: Start setting aside a little bit of money each week, if at all possible. Even saving up just a little bit will be worth it, as it will give you a safety net that can help you cover some important expenses during and immediately after your divorce. You might consider also opening a bank account of your own.

For further guidance on the steps you to take ahead of a divorce, speak with a skilled Long Island family law attorney at Bryan L. Salamone & Associates.