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Five Ways You Can Reach Financial Recovery After Divorce

Five Ways You Can Reach Financial Recovery After Divorce

Posted By Meyers Law Group, P.C. || 7-May-2014

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.

  1. 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.
  2. 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.
  3. Reexamine Your Estate Plan. 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.
  4. 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.
  5. 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.