Financial planning is key during and after divorce

Even though divorce is often a highly emotional process, it's essential to remember that the financial decisions you make during this time could easily impact your economic well-being for the rest of your life. That's why, in addition to an experienced family law attorney, you should have a financial advisor on your team.

Just as you should have an attorney with whom you feel comfortable, you also should find a financial planner who understands your values and goals. If you and your spouse share a financial advisor, get one of your own. There are certified divorce financial analysts (CDFA) who specialize in the financial issues facing people who are divorcing.

A CDFA or other financial professional can help you decide, among other things, which property you should seek to keep and which it is wiser to let go. What may seem like a good deal in the short-run may have long-term costs and tax implications that you might not expect.

Your attention to financial matters shouldn't end when the divorce is final. If your spouse was the one who handled the money, it's particularly important to educate and empower yourself to create an investment plan that will help secure a healthy financial future.

Keep in mind, though, that at least for the first year, you'll still be working out a budget and determining how best to spend, save and invest your money. Even with a good divorce settlement, living as a single person is more expensive than being part of a couple. Avoid making large purchases or investments until you get your financial footing and are through the emotional ups and downs that will no doubt be part of this time.

If you need help finding a financial advisor or any other professionals, such as an accountant, psychologist or even a good massage therapist, your New York family law attorney can likely provide some recommendations.

Source: Forbes, "How To Handle Financial Planning During A Divorce: 4 Steps To Protect Yourself," Joel Johnson, Dec. 08, 2017

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