Smart Money Management Can Help Those Going Through Divorce

One of the most challenging parts of any marital breakup is handling the financial aspect of it. Unfortunately, the wrong money moves during a divorce proceeding can end up harming rather than helping the person going through divorce. However, some tips might help divorcing individuals to make the right financial moves during their marital breakups in New York.

First, it is a wise idea for people going through divorce not to count on spousal support or child support. The reason for this is that about 60% of accounts for child support in particular have arrears. In other words, the majority of support recipients do not end up receiving the full amounts they expected to get. In light of this, divorcing individuals may want to create budgets that do not reflect these support amounts, just in case they end up not receiving them.

Second, those going through the marital dissolution process might want to adjust their lifestyles. Holding onto one’s previous lifestyle may seem tempting at first, especially when children are involved. However, it might be necessary to reduce convenience items, vacations or hobbies to maintain a peace of mind about one’s spending.

Going through divorce can quickly become overwhelming, particularly for those who have a number of assets to divide. However, a divorce attorney in New York can provide the guidance needed to navigate property division, child support and spousal support matters with confidence. The right guidance can help a divorcing individual to remain in the best financial position possible immediately following divorce and in the years ahead.