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How to thrive financially following divorce

On Behalf of | Mar 4, 2022 | Divorce |

Navigating the divorce process can no doubt be overwhelming from a financial standpoint. However, figuring out how to manage household finances after the divorce can be just as challenging, particularly for those who previously depended on their spouses to perform this duty. Here are a couple of tips for successfully managing one’s assets in the aftermath of a marital breakup in New York.

Building up credit

Building up one’s credit is an important first step following divorce, as having decent credit is typically required for taking out home and car loans. This can be done simply by opening low-interest loan or credit accounts. This is especially important for those whose credit was previously tied to accounts and assets they jointly held with their spouses. At the same time, it is wise to pay off the new credit accounts as quickly as possible to avoid accumulating large sums of debt with the new accounts.

Creating financial goals

Another important step in protecting one’s finances following divorce is to establish new financial goals. Specifically, it would behoove newly divorced individuals to determine what they would like to accomplish in a year, five years from now and then a decade from now. They can then determine how much they would need to save to make their goals a reality.

Seeking an attorney’s help

One of the wisest moves to make during the divorce process is to enlist the help of a divorce attorney in New York right away, especially if a large number of assets or high-value assets must be divided during the divorce proceeding. An experienced attorney can help his or her client to pursue his or her fair share of assets in a comprehensive settlement with the other party. A savvy attorney will also be fully prepared to fight for the best outcome possible in the event a client’s divorce needs to be settled in court.