The process of getting divorced can no doubt be financially devastating. However, it is possible to rebuild one’s finances following the aftermath of divorce. Here are a couple of tips for protecting one’s financial best interests after navigating a marital breakup in New York.
Establishing new monetary goals
Individuals who have gone through divorce may still aim to send their children to college, pay off debt or save money for retirement. However, they may need to make adjustments to these goals — or to how they go about achieving these goals — depending on how their financial resources have changed following divorce. For instance, they may need to work extra jobs to save up more money to achieve their financial objectives. Still, it is important for them to also factor in how much they may receive in spousal support, for example, which can further help them to turn their monetary visions into realities.
Building an emergency fund
It is additionally critical for divorced individuals to begin building their emergency funds as quickly as possible. These funds can help them to cover any unexpected expenses stemming from job losses, increased child care expenses, housing costs and medical bills. Without emergency funds on hand, divorced parties might end up accruing massive debt that will make reaching their financial goals more challenging.
How an attorney can help
Dealing with the financial aspect of divorce can understandably be complicated and overwhelming. However, an experienced New York family law attorney can help divorcing individuals to wisely navigate such matters as property division and spousal support, which can have long-term implications for their financial health statuses. The attorney’s chief goal will be to make sure that his or her clients attain the most personally favorable monetary outcomes possible given the circumstances surrounding their divorce proceedings.