Divorce puts stress on finances as well as emotions. With everything else going on while seeking a divorce, it is essential to find time to prepare for financial planning. During this time, it is important to keep yourself and your finances a priority to leave you in the best place possible post divorce.
Below are seven financial tips for men seeking divorce!
- Talk to an adviser: It is important to speak with someone who is trustworthy and knowledgeable about finances during divorce. They can educate you on the process and provide you with the best option!
- Close Joint Accounts: Make sure all joint accounts are closed and paid off. This protects yourself from the ex spouses spending and keeps your credit score safe!
- Monitor your credit: Maintaining a good credit report is extremely important! You will find a good credit score to be very beneficial after a divorce.
- Establish a new budget: It is important you establish that you can cover monthly expenses with only your income. Often times, one underestimates the surplus income a spouse brings to the table.
- Assess Liabilities: You do not want to be overwhelmed finding out the cost of all you liabilities when it is too late. Consider all liabilities like mortgages, other loans, other debts, etc.…
- Watch Taxes: Any divorce settlement can have a big impact on your tax situation. Staying aware of how your taxes will be affected is a must!
- Insurance needs: In many marriages, one partner provides the family with health insurance. It is critical to be aware that things such as property, auto, health and other insurances are covered for you and your potential children.
While these tips are extremely crucial to consider, there is always more to it! This makes finding the proper person to represent you even more important. All the attorneys at Simonetti & Associates are completely dedicated to guiding Nassau and Suffolk County clients through divorce and other family disputes! At Simonetti & Associates, they excel in clarifying issues regarding the division of property and potential alimony in the event the parties later divorce or become legally separated. Simonetti & Associates has been providing Long Island with optimal divorce and other family matters for over 29 years! Contact this highly experienced team of attorneys today!