Financial Tips for Women Going through Divorce

For many people, divorce can be expensive. Between the legal fees and tax implications, the average divorce in the United States costs about $20,000. Furthermore, many people make some key mistakes during the divorce process that can cost them even more in the long term.

The following are some common financial issues women should be aware of as they approach divorce:

• Don’t wait for child or spousal support money: Many women fail to realize that if they are seeking alimony or child support from their former spouses, they do not have to wait until the divorce is finalized to receive it. They may request a consent order to provide temporary support until a more permanent agreement may be reached.
• Separate accounts as soon as possible: When a divorce is impending, some individuals may spend money and rack up debt, knowing that his or her former partner will have to share that debt. To avoid this issue, be sure to separate your accounts as soon as you can, and open up new accounts in your name alone.
• Figure out health care: If you are on your spouse’s health insurance plan, you may have the option of keeping that policy as part of the divorce negotiation process. If that’s not a good option, you need to start thinking about how you will approach health care for both you and your kids, if needed.
• Make a plan: A divorce can significantly disrupt your financial situation, and there are some short-term costs that can pile up if you’re not careful. Be sure to budget accordingly and borrow money from a family member or friend if you need to cover some expenses during or immediately after your divorce.

These are just a few of the most important financial issues you should consider as you begin the divorce process. For the legal guidance and advice you need, meet with an experienced Suffolk County family law attorney at Bryan L. Salamone & Associates.