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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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  4.  | How women can prepare for the financial upheaval of divorce

How women can prepare for the financial upheaval of divorce

| Dec 4, 2018 | Divorce

Divorce is a significant and major legal process that will lead to financial adjustments and changes in your life. Even in a high-asset divorce, both parties will likely have to take steps to protect their interests, cut costs and preserve their future financial stability. As a woman, it may be particularly important for you to prepare yourself for this process and work for a strong post-divorce future.

Women, more so than men, often experience economic disparity in a divorce. This is the case for women who did not work outside of the home, but it also applies to women who have careers, a steady income and their own assets. No matter your specific situation, it is prudent to know how to protect yourself and avoid complications in the future. That effort can start now. 

Get ready for a difficult road ahead 

The process of ending a marriage is not easy. If you are thinking about this process or plan to file after the holidays, it is not too early to start considering what you need to do next. There are few steps you can take now to improve your financial standing and make it easier to navigate the financial aspects of this difficult period of transition, including the following:

  • It is smart to start tracking how you spend money. You may need to cut back or give an account of certain expenses, and keeping track of how you spend money is a good way to do this.
  • It may be necessary for you to make a list of your assets and debts. Women who do not have financial control in a marriage should familiarize themselves with necessary information before divorce.
  • It is easy to make decisions during a divorce based on temporary emotions, but this is not smart. It is in your interests to think carefully about your future and what will be best long-term.

Depending on your individual financial situation and other factors, it may also be helpful to discuss your concerns with a financial expert before you making any crucial decisions that will affect your life for years to come.

A fair property division settlement is a crucial component to your financial success after divorce. As you walk through the divorce process, you can maximize your chance of securing a fair and sustainable order by working with an experienced New York divorce attorney who knows how to protect your interests.

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