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Navigating finances after a divorce

On Behalf of | Apr 21, 2024 | Divorce |

Divorce is more than just the end of a marriage. It can also be the catalyst needed to cultivate financial freedom and the confidence it generates. Here are a few tips for prioritizing one’s financial health and feeling empowered during divorce in New York. 

Tips for creating a secure financial future post-divorce 

Individuals going through divorce would be wise to gain insights into their financial situations as soon as possible. They can do this by collecting important financial documents, like investment statements, bank statements and tax returns. These documents can show them their liabilities and assets so that they can make informed decisions regarding property and debt division. 

People getting divorced should also ideally create realistic budgets to identify their post-divorce expenses and income. They can use this information to determine whether they must reduce their expenses or implement lifestyle adjustments. Developing emergency funds can further help these individuals maintain financial stability after finalizing their divorce proceedings. 

How a family law attorney can help 

A New York family law attorney can guide an individual through the financial aspect of divorce by negotiating a just division of assets and debt on the individual’s behalf with the goal of attaining an equitable divorce settlement. The attorney can also help the individual tackle matters such as spousal support, child support and child custody if he or she shares minor children with the other party. The attorney will strive to protect his or her client’s rights at all stages of the divorce proceeding.