The Importance of Financial Planning After a Divorce

Divorce can take a major toll on one’s finances, which is why financial planning is so crucial during the process and in the aftermath. You may not have as many resources at your disposal or, if you were unemployed during your marriage, you may need training and skills to obtain a job to support yourself. Whatever you may need, financial planning can give you the clarity you need, so you can make the right decisions for your future.

Looking Toward the Future

There are many important aspects of financial planning, which you should consider after a divorce.

Here are some things for you to consider as you plan for the future:

  • Calculate your expenses: Creating an accurate post-divorce budget will help you figure out your needs and what is necessary to meet them. If you are paying child support and spousal support, these are other considerations you will have to factor into your budget.
  • Create a mixed portfolio: It is never a good idea to put all of your eggs in one basket. Investing in different categories, such as bonds, stocks, real estate, and more can all help ensure that you are properly diversified.
  • Update or create an estate plan: If you already have an estate plan, now is the time to update it to ensure your former spouse is removed from it as a beneficiary. If you never had one, now is the time to create one to ensure your loved ones are cared for and your assets are distributed according to your wishes.

You should also consider the tax consequences of your divorce settlement and how that may also impact your finances.

Schedule a Case Evaluation with a Member of Our Divorce Team Today!

The process of ending a marriage can be difficult and its financial impact can be severe if not properly planned for. With the assistance of a knowledgeable legal advocate, you can be better prepared for the future. At Arnel Law Firm, our team is committed to guiding clients through the divorce process and protecting their interests. You can rely on us to provide the strong and compassionate legal support you need to navigate the complexities of your case.

Reach out to our law office today at (718) 550-3024 to schedule a consultation with one of our attorneys to discuss the details of your divorce.