How to Get Your Finances Back on Track After a Divorce in New York

Going through a divorce can be such a hectic and stressful time:  dealing with asset division, child support and custody can take an emotional toll on both parties.

With so many stressful decisions to make during a divorce including child custody and child support, couples often overlook handling certain aspects of their personal finances.

Handling your finances is just as important as dividing the assets.  Even if you amicably decide who gets which asset, it is important to take responsibility of your personal finances. 

Below are 10 Tips to Ensure that Your Can Get Your Finances Back on Track During and After a Divorce.  However, be sure to check with your divorce attorney before making any of these changes, particularly if a divorce proceeding has already been commenced, and confirm with him/her as to when it would be the right time to make these changes:

  1. Cancel any joint credit cards and take your name off of any joint ventures 
  2. Apply for new credit cards before canceling your joint accounts
  3. Check your credit report: if you see any errors, it is important to get them resolved before applying for a car loan, renting a new apartment or buying property
  4. Change beneficiaries on your 401K plan or other investments and life insurance
  5. Create an emergency fund by setting aside at least six months of living expenses
  6. Update your insurance policy:  if there are items that were covered under the policy that were granted to your spouse, then make sure you update your policy to reflect that
  7. Retitle assets in your name: if you previously owned a house in a trust with your spouse, make sure you retitle the house if necessary
  8. Monitor your expenses: going from a joint income to a single income requires knowing what your expenses are and what income is coming in on a monthly basis and cutting back on unnecessary expenses
  9. Look at your bank statements: inspect your bank statements line by line and determine what expenses can be eliminated or reduced. 
  10. Cancel any memberships you no longer use or barely use

If you are going through a divorce in New York and need assistance with divorce mediation, contact The Sabra Law Group today at (646) 472-7971 to speak with an attorney.



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