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Tips for being financially savvy during divorce

On Behalf of | Apr 13, 2023 | Divorce |

New York residents who go through a divorce often find that their financial circumstances can change significantly. While there are many emotions to work through during and after a divorce that can cause much stress and uncertainty, one shouldn’t forgo dealing with important matters like finances. Understanding one’s finances and knowing ways to protect one’s financial status can help with life after divorce. 

Protecting one’s finances 

When someone first decides to divorce, it’s helpful to start separating finances immediately in most cases. Many people going through divorce choose to open their own accounts and credit cards while closing joint accounts when possible. This is not a way to hide assets, but to make the transition to divorced life easier once everything is finalized. In some cases, closing joint accounts and separating assets may require court intervention. 

Protecting one’s financial status post-divorce also includes planning for the future. This may include setting and sticking with a strict budget until terms are settled. Estate plans usually need to be updated after a divorce as do financial goals for the future. A financial planner can help those who are unsure about how to best allocate their money and plan for the future. 

Legal help is available 

Going through a divorce can be one of the most stressful times in a person’s life. Finances almost always change, and this can mean adjusting to a new way of life. New York residents who are considering divorce can benefit from seeking legal advice from an experienced attorney. This can provide insight into the process for all divorce terms from asset division to spousal support.