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Financial security after divorce isn't a myth

Most people want to come out on the other side of a divorce with the same or even better financial situation than they enjoyed prior to filing. While a spike in financial standing might be somewhat of a difficult goal to attain, a divorce does not equal financial devastation. With some careful attention to detail, New York couples can be sure of the successful completion of their divorce.

Research has shown that men experience approximately a decrease in their standard of living post-divorce by half, while most women who expect to receive payments for child support never actually receive them. In order to avoid outcomes such as these and to secure a solid financial foundation for a new life, one of the first steps is to identify what finances, property and assets are available. Any potential liabilities or debts should also be considered at the same time.

The task of actually compiling all of that information together is of vital importance -- if a person is unaware of what he or she actually has, there is no hope of managing it correctly. With all of the necessary documentation gathered in one place, couples can make changes to names on certain accounts, re-title certain accounts and assets and establish who is responsible for paying back any debts that exist. Taking this type of careful action can help support a similar standard of living even after going through a divorce.

No matter what anyone might say or try to lead others to believe, securing a stable financial future is far from greedy -- it is smart. People in New York who plan to file for divorce might even benefit from collecting this information prior to actually starting the process. Still, it is not too late to take charge if the divorce proceedings have already begun, and proceeding in as timely a manner as possible can still be hugely beneficial.

Source: local8now.com, "Managing money through divorce", Aug. 17, 2015

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Law Offices of Eli Yeger
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