Important Financial Planning Considerations to Make After Divorce

After a divorce, it can take some time to adjust to your new financial situation. There is less money coming in, but still plenty of expenses to monitor. To that end, it’s important to sit down and closely analyze how a divorce will affect you financially before it is actually made official.

Here are some financial planning considerations to keep in mind as you prepare for life after divorce:

• Thoroughly analyze your expenses. Many people do not completely realize the financial impact of their divorce until after it happens. To avoid being shocked, sit down and list out every one of your sources of income and your expenses. This will give you an accurate picture of what you can expect your financial state to look like after your divorce.
• Consider your career. Are you going to need to find another job or embark on a new career to make ends meet? If so, you should start looking into your options right away so you are prepared once the divorce is finalized. Also consider any training you might need for a new career.
• Figure out your living situation. It might not be realistic to hang on to the family home. Thus, you need to consider where you are going to be living. Will you rent an apartment? Do you have another place lined up? Will you be able to sell the home quickly?
• Consider what you are losing. You’re not just losing an income. You are also potentially losing health insurance and a variety of benefits, including retirement benefits. All of these benefits should factor into your detailed financial analysis.

A knowledgeable family law attorney will help you to be more financially prepared for your divorce. To learn more about your options, meet with the skilled Nassau County divorce lawyers at Bryan L. Salamone & Associates.