Post-Divorce Financial Planning Issues You Need To Know

Your divorce is final – now what?  Here are some post-divorce financial planning issues:

BUDGET:   

After your divorce is settled and you know how much money you will be either paying or receiving in child support, alimony (spousal maintenance) or other cash payments, it is time to create a budget.

There are many online tools and books that can help you in preparing your budget.  You can also consult with a financial planner to help you.

 INSURANCE:

You should review all your insurance policies: life, health, accident, real property, automobile, business, and long-term care.  Your insurance agent can assist you with reviewing your policies.

ESTATE PLANNING:

Make sure your Will is updated and reflects your divorce.  In addition, you should update your Health Care Proxy, Living Will and Power of Attorney.

DOCUMENT TITLING:

Clients often overlook that they need to make sure that the tile documents for their cars, credit cards, bank accounts, investment accounts and real estate are properly updated.  Additionally, name changes for Social Security documents, passports, and other forms of identification should also be addressed.

RECORD KEEPING:

In many marriages, one spouse was “in charge” of keeping and storing the records.  After the divorce, you now must be in charge of your own documents and records.  Make sure you have all the documents you need and that you keep them in a safe place.

The Badanes Law Office and David Badanes has helped hundreds of clients in obtaining their divorce.  The Badanes Law Office services clients in Suffolk County, Nassau County and in New York City.  If you are thinking of getting a divorce, or in changing attorney, then call David Badanes and the Badanes Law Office at 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com.  The Badanes Law Office has offices in Northport, Garden City, Brooklyn and Manhattan.

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