Westchester County NY Divorce Attorney
As the old year closes and the new year is upon us, those who have divorced in 2023 are likely still adjusting to their new realities.
These new situations present physical, emotional and financial challenges to both ex-spouses, yet there are actions you can take to rebuild all aspects of your life, post-divorce.
Studies have shown that one of the tougher challenges, especially for women, is to reassess, re-establish and relaunch their individual financial situations.
The legal principle of equitable distribution in New York divorce can feasibly leave one or both ex-spouses with assets such as real estate, which may be valuable but not liquid, or even be a high-cost expense they can no longer afford alone.
Here are a number of actions you can and should take to help reset your finances after your divorce:
* Make a Realistic Determination of your Financial Situation by gathering all relevant documentation, to know what your income and expenses are and what they will need to become. The documents need to include items such as:
- Job Income Statements/Pay Stubs
- A complete list of frequent incidental expenses, such as restaurant meals, gas, transportation & tolls, clothing & personal care
- Monthly bills, such as utilities
- Origin and Amounts of all Assets and Debts
- Insurance information.
What are your sources of income?
What assets do you have?
Your own checking, savings, brokerage and retirement accounts, real estate, cars and other vehicles and your personal belongings
What debts do you have?
Mortgages, car, student and other loans, credit card debt, tuition
* Develop a Realistic Monthly Budget. You may be living in a new residence, with new additional bills and having to pay for your own healthcare, life, car and property insurance. Also, create an emergency reserve fund, as best you can, with any remaining monthly funds.
* Address Tax Issues with your Accountant, such as filing taxes (single, joint, married filing separately or head of household), which parent will claim minor children as dependents, spousal support implications and other New York and Federal tax-related questions.
* Estate Plan Changes with an Estate Planning Attorney: Re-write your Will, change Powers of Attorney, Advance Healthcare Directives, Trusts and all other relevant estate plan documents to new designees and beneficiaries.
* Change Designated Beneficiaries on your bank, brokerage, retirement, insurance and other financial accounts, as your personal situation dictates.
I offer my clients nearly 24 years of supportive, knowledgeable attorney experience in all areas of Divorce & Family Law, tenaciously protecting and promoting their interests before, during and after their divorce proceedings,
If you are seeking to divorce or have a related family law issue, I look forward to working with you soon. You can reach me by phone, 914 821 5200 or by filling out and submitting my online Contact Form.
Convenient Downtown White Plains Office Location