When you and your ex's combined
assets are split up, when you have legal fees, when you are down to one income, your finances
will simply not be the same after a divorce. Whether you are experiencing
the aftermath of a divorce, or if you are in the middle of this complex,
draining process, it is important to look forward, to your independent
future. Of course, getting a fair result through equitable distribution
is a must. But that is only one piece of your financial outlook; your
post-divorce decisions can matter just as much as the choices in the divorce
settlement itself. Here are five ways you can make sure that independent
future is a financially strong future.
Go Over Your Retirement. While you might be focused on simply budgeting daily and weekly expenses,
you still need to have the long-term in view as well. Does your portfolio
need balancing, further diversification? You may have to refrain from
investing while you adjust to life post-divorce, but realize that even
a small break could have repercussions on your future. Don't stay
away from investing too long so you can have time and compound growth
working for you again.
Strengthen Your Credit. Unfortunately, a couple's joint credit score could be dumped onto
one spouse in the divorce. For instance, an ex's debt and credit history
could end up in your ledger. Or maybe the credit card was in your spouse's
name. Whatever the case, you need to restore or create your own credit.
Your choice of executor, beneficiary, guardian for your young children,
etc. will probably need to be edited after a divorce. This means changing
your current will, trusts, powers of attorney, health care directive, etc.
Name New Beneficiaries. At the very least, you will likely need to change who your beneficiaries
are for retirement plans and such after a split.
Look Over Insurance Policies. Ensure that you are not paying for an ex's health insurance, disability,
or long-term care if you're not supposed to be doing so. There are
many policies where you pay up front, and then have automatic payments
set up. Find out if this is so in your case, and if you need to fix this.
If you have further questions of what you can expect from a divorce in
Long Island, and how you can prepare yourself for the financial and legal
repercussions, do not wait to
speak with a Long Island divorce attorney today. At the Meyers Law Group, P.C., you can find the excellence and
experience you can rely on in a difficult time in your life.