Compassionate About People. Passionate About The Law.

Divorce: considerations for current and future financial security

When a couple makes the decision to divorce, there are a number of factors which must be both considered and decided. In addition to the obvious decisions that must be made with regard to child custody and the division of marital assets, there are often a number of less obvious considerations that recent divorcees would be wise to attend to.

In the wake of a divorce, many individuals encounter financial hardship. A lifestyle that was likely supported by two incomes must not be afforded on one. This reality coupled with changes in housing, child support payments and medical benefits; can add up to an individual feeling overwhelmed and in debt.

For those facing divorce, it's important to become educated about those factors that may impact an individual's finances and lifestyle. It's wise to become educated about tax implications and liabilities that are associated with certain assets such as property. It's also wise to become more knowledgeable about personal finance issues related to investment and retirement accounts.

In addition to working towards protecting and growing assets needed to maintain a comfortable standard of living, recent divorcées should also update beneficiary information as well as other estate planning documents. For example, if an ex-spouse was named as a primary beneficiary on a life insurance policy, this information should be updated. Likewise if an ex-spouse is mentioned in a will, the appropriate updates should be made to ensure an individual’s true wishes are respected and carried out.

The divorce process is often complex and decisions made during a settlement may have long-lasting and unforeseen implications. For these reasons, New York residents facing a divorce are often advised to seek the guidance and counsel of an attorney who can answer questions and help provide for an individual’s current and future financial security. 

Source: The Huffington Post, "Financial Tips That Ease the Sting of Divorce," Julian Block, Dec. 25, 2013

No Comments

Leave a comment
Comment Information
  • Super Layers
  • AV | Martindale-Hubbell lawyer ratings
  • Marquis Who's Who
  • American Bar Association | Defending Liberty Pursuing Justice
  • Phi Alpha Delta Law Fraternity International
  • G
Email Us For A Response

Contact Us For The Answers You Need Attorney Philip A. Greenberg represents clients in New York and New Jersey. To schedule a consultation with Mr. Greenberg, call 646-363-6807 or contact him by e-mail.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Philip A. Greenberg, P.C., Attorneys at Law
10 Park Avenue
Suite 2A
New York, NY 10016

Phone: 646-363-6807
Fax: 212-279-0466
Map & Directions

Philip A. Greenberg, P.C., Attorneys at Law