The end of your marriage may mean the beginning of a very different financial situation for you and your loved ones. You may have once split bills with your spouse, but now you will bear separate financial responsibilities. When you factor in the cost of the divorce itself, along with relocation and moving fees, you may find that a divorce does more than put a dent in your bank account. But with a mindful approach and help from professionals, you may be able to shake financial burdens so you can focus more on your children and other bigger issues during this time.
Prepare for your divorce timeline
Understanding the timeline for a New York divorce process may help you better financially plan for yours. While you and your spouse may get along well enough to make for a streamlined divorce, you simply do not know what the future can hold. You may be in this for the long haul. Legal fees could mount. And, if you have children, you will want to factor in childcare costs. Consider putting away extra funds.
Plan for your financial life after divorce
If you have any shared debt with your spouse, you will want to chip away as much as possible before the divorce is finalized. Lingering debt following the end of your marriage will continue to be the responsibility of both parties and it could be a cause for conflict in the future.
Furthermore, consider setting aside some time to budget for your post-divorce life. What are your expenses now that you are no longer with your spouse? Do you now have to take a full load of rent or mortgage?
Address important documents
Protect your assets by updating financial documents and estate plans. Once the dust is settled and the marital property divided, be sure to change your vehicle titles, wills, powers of attorney and beneficiaries on your accounts.
According to a recent Fidelity survey, 35% of people do not recover from financial stresses five years after their divorce. Justifiably so, you may feel more stressed about child custody or losing your sentimental property. But taking just a few intentional measures toward securing your finances may help ease future burdens. Consider reaching out to an experienced divorce attorney to learn more.