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Money matters can complicate post-divorce life

When a New Yorker makes the difficult decision to end their marriage, they may prioritize getting to the end of their legal proceedings above all other considerations. However, there are a number of important issues individuals should address before and during their divorce proceedings that can help smooth out the financial transition they will inevitably have to make when their legal relationships are terminated.

For example, a person contemplating divorce should make a realistic budget of their post-marital expenses. After inventorying their sources of income and listing the financial commitments that they will have to retain after completing their divorce, they may find that their intended strategies toward settling property and support matters may need to change.

Additionally, prior to finalizing a divorce a party to the proceedings may wish to create a list of financial tools and devices that will have to be closed, converted to single ownership or modified in terms of beneficiaries in order to remove their soon-to-be ex-spouse from them. Having an idea of what may need to be changed prior to beginning one's financial negotiations can help them make good decisions about what they need to retain to be financially solvent after their divorce is completed.

Money is a major part of divorce, but for some its significance is ignored until it is too late and their marriages are over. Having plans to prepare for one's post-divorce financial future can be critical to achieving their post-marital dreams. With the help of a dedicated divorce attorney, an individual contemplating the divorce process may feel financial confidence as they initiate the legal process to end their marriage.

Source: cnbc.com, "Financial planning for divorce - it's not just for women," Beth Lynch, Oct. 2, 2017

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