Tips for Achieving Financial Success During, After a Divorce

While planning for your divorce might seem like a daunting and unappealing process, it is important to prepare yourself for the process you are about to go through and what lies beyond it. Specifically, sound financial planning can help you avoid some of the challenges divorced people tend to face.

Below are a few tips to help you protect yourself financially during and after a divorce:

• Choose the right lawyer: The attorney you consult should be able to help you achieve a favorable outcome that will set you up for long-term financial stability. He or she should be a true partner to you throughout the entire process.

• Inventory everything you own: Keep track of what you own and the amount of money you have in accounts and other assets. Get copies of all documents that verify these assets so you have clear evidence and are more organized when settlement negotiations begin.

• Consider taxes: The way assets get divided during the divorce process can have some significant tax ramifications. You must consider this for every move and decision you make.

• Check your credit score: It is important to know where you stand so you are not surprised after your divorce when you find yourself in need of a loan, but are unable to get one due to a poor credit rating.

• Update your beneficiaries: Review the beneficiaries on your retirement plans and any other accounts or estate documents with named beneficiaries to be sure you are not inadvertently giving money or assets to your former spouse.

• Insure child support and alimony: If your former spouse becomes disabled or passes away, you don’t want to be left high and dry when it comes to child support and alimony. This insurance can provide you with some peace of mind.

For the cohesive guidance you need when dissolving your marriage, speak with a dedicated Long Island divorce mediation attorney at Bryan L. Salamone & Associates.