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Resolving disputes creatively

How to manage finances during a divorce

Many of our readers in New York have significant concerns about how a divorce will affect their lives. For some people, the biggest concern is from a financial standpoint. After all, we all know that a divorce case can leave a person with only about half of what they had as part of a married couple. So, what can one do to manage finances during a divorce?

Well, as a recent news article discussed, there are a few tips to keep in mind. For starters, having a budget in place is important, particularly one with an eye on post-divorce life. Will one need a new car? A new place to live? New insurance options? How will monthly grocery needs change? These considerations, among many others, will likely have a significant effect on a person's finances, both during and after a divorce case.

Next, consider how one will approach the divorce case in terms of costs. Will it be cheaper to attempt to settle the case through out-of-court negotiations with a soon-to-be ex-spouse? Or, perhaps, mediation or collaborative divorce options could be available. The quicker one addresses issues that come up in the divorce case, typically the lower the costs will be.

Lastly, as the recent article noted, a fair division of assets and debts in the final divorce decree is crucial. This final court order can affect one's finances for years to come, particularly in high asset divorce cases. It is important to fight to protect one's legal rights, and seeking the assistance of an experienced attorney can help in these situations.

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150 Grand Street, Suite 305
White Plains, NY 10601

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