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Tips to save your finances after a divorce

For many New York couples, conflicts regarding financial matters can often lead to discord in their marriages. When the conflicts result in divorce, financial issues often remain a contentious subject. Former spouses now have to manage changes in their income levels and also consider new expenses such as alimony or child support. Financial advisers recommend several strategies for maintaining financial stability after a divorce.

Experts stress that budgeting is a crucial step in dealing with life after divorce. Monthly expenses as well as one-time outlays should be considered when developing a budget after a marriage comes to an end. Other recommendations include canceling any joint expenses and transferring assets from an ex-spouse.

Often, it may be necessary to rebuild credit after a divorce. Since joint accounts with longer history will be closed, credit scores may decrease when new accounts are opened. It is important to monitor credit scores after a divorce is finalized. Setting money aside in savings is equally important after a marriage has ended. Spousal support payments may be temporary and future financial circumstances should be considered.

Other concerns arise when children are involved in the divorce. There may be a need to continue sharing expenses in some cases, and these situations should be addressed when the divorce agreement is established. Beneficiaries named on various accounts will also likely need to be changed.

Divorce proceedings can be stressful for everyone involved. New York residents contemplating divorce often seek assistance from experienced counsel to assist them in protecting their interests. A knowledgeable attorney often provides guidance throughout the process and also helps former spouses safeguard their financial position.

Source: khou.com, "9 things you should do after a divorce to save your finances", Janet Berry-Johnson, Jan. 19, 2017

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