Divorce can unfortunately impact your financial state dramatically. If you have recently gone through a divorce and are looking to get your finances back on track, continue reading. For further assistance with your divorce matters, do not hesitate to contact our Brooklyn divorce lawyer.
What are the top 5 tips to consider when financially recovering after a divorce?
Consider the following steps after a divorce to get your finances moving in the right direction:
- Set your goals: One of the first steps you can take after a divorce is to set financial goals. Some individuals’ goals might be to pay off debt, boost their savings, or clear their mortgage. No matter the case, being able to visualize your goals is a great place to start.
- Start an emergency fund: In order to achieve financial stability, a great goal to have is to start an emergency fund that will have several months’ worth of living expenses. This will allow you to fall back on this fund in the case of an injury, a lost job, or other unexpected expenses.
- Tackle your debt: If you are dealing with debt, this is the first issue you should handle before you can achieve any of your saving goals. It is best to focus on your most pressing payments initially while maintaining all necessary minimum charges for the rest of the payments you must make.
- Cut down on spending: You must be frugal during the time period following a divorce. To do so, it is recommended that you stick to a household budget. This will allow you to visualize where you will make some cutbacks and where you can stretch your money.
- Focus on yourself: As you enter this new stage in your life, it is important that you take advantage of this new independence by investing in yourself. This may include taking a college course, exploring new job opportunities, or simply expanding on the skillset you already have. The goal is to boost your future earnings, talents, and career prospects.
If you have any further questions about where to turn after finalizing a divorce, do not hesitate to contact our experienced legal team at Barrows Levy PLLC. Our Brooklyn divorce lawyer is prepared to assist you with your divorce and family law matters, no matter the case. Give our firm a call today to schedule your initial consultation with our team.
CONTACT OUR EXPERIENCED NEW YORK FIRM
Barrows Levy PLLC is a dedicated New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you require a lawyer who has notable experience handling family and estate planning matters, we are available to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.