Do you need a financial reality check before you divorce?

If you are contemplating divorce, you likely have a vision for how you expect your post-divorce life to be. Perhaps you imagine a kind of freedom your marriage lacked or you hope to rejoin the dating scene. Unfortunately, the reality of life after divorce does not always match what people anticipate.

Money is one important factor that complicates the dreams of many New Yorkers who are getting divorced. Your financial situation may be quite different from the stability you may have enjoyed during your marriage. It is critical to prepare for this before signing the final papers and to fight for a fair division of your assets.

It won't be easy

Going from two incomes to one is the first blow your budget will take. If you earned less than your spouse, you may count on alimony for a while, but eventually you may have to increase your income. If you were the main breadwinner in the family, be prepared for the heavy burden spousal or child support may be. In addition, you will either continue paying for your home or find a new place to live. The latter may require completely refurnishing, down to the forks and spoons.

Other financial changes may include the following:

  • You won't have your spouse's income to rely on during a financial crisis, such as a car repair or job loss, so it is critical to begin building an emergency fund as quickly as possible.
  • Federal income taxes for individuals can be much higher than filing as a couple with all the deductions a family offers.
  • Other expenses, such as phone plans and insurance, may also cost more as an individual than they did when you were married.
  • Your divorce will likely cut in half whatever you have saved for retirement.
  • If your credit history is intertwined with your spouse's, you may find yourself starting over to build credit in your own name.

Of course, your situation may have its own unique elements. Perhaps you and your spouse only had one vehicle, so the divorce will require you to make that major purchase. Whatever financial challenges you can anticipate now will bring you one step closer to resolving them quickly and moving forward. Much of your financial stability will depend on obtaining a fair settlement or court order from your divorce. Having a legal advocate to help with this can make a significant difference in the outcome.

No Comments

Leave a comment
Comment Information

Hear From Our Clients

Mr. Skolnik and Mr. Gaboury have represented me on multiple cases over the past two years. They are dependable, knowledgeable, and professional. They provided high quality legal guidance for my small business during a difficult time and brought me a peace of mind. I highly recommend Cox Padmore Skolnik & Shakarchy as your legal business representative. -Anonymous

Read More Reviews

Contact Us

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Tap To Request An Exploratory Consultation

New York Office
630 Third Avenue
19th Floor
New York, NY 10017

Phone: 646-355-1648
New York Law Office Map

Great Neck Office
98 Cutter Mill Road
Suite 310N
Great Neck, NY 11021

Phone: 646-355-1648
Great Neck Law Office Map

Hackensack Office
27 Warren Street
Suite 304
Hackensack, NJ 07601

Phone: 646-355-1648
Hackensack Law Office Map

Denver Office
1060 Humboldt Street
Denver, CO 80218

Phone: 646-355-1648
Denver Law Office Map