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Preparing financially for divorce

Getting divorced in New York means becoming accustomed to living with on a single income. Soon-to-be ex-spouses should make preparations before filing for divorce to ensure they are financially secure to support themselves after everything is finalized.

According to USA Today, many couples make mistakes and miss opportunities because they are more focused on the emotional effects of divorce instead of the financial ones. To overcome the financial challenges of divorce, ex-spouses should evaluate their new lifestyles and standards of living. They should think about the changes that are coming and make adjustments to ensure that all of their individual financial obligations are met. Before the legal separation is finalized, soon-to-be ex-spouses should also seek out professional financial advice to improve their individual economic situation.

Divorcing couples can keep themselves from feeling so overwhelmed by establishing a new financial future slowly, states LearnVest. All medical directives should be updated as soon as possible to reflect the upcoming change in marital status. Each person should watch their credit report for inaccuracies, open new accounts for themselves with new financial institutions and work on increasing their funds. They should also keep meticulous records of all of their financial information so they know exactly where they stand. All estate plans, trusts and wills should be modified immediately after the divorce judgment has been issued.

The key to overcoming many of the economic challenges of divorce is to create a strong financial foundation to fall back on once the courts finalize the dissolution of the marriage.

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