While going through a divorce can be extremely stressful, it is important to understand that the changes don’t end when the ink dries on the legal paperwork. Life as a single person brings on new responsibilities – including those surrounding personal finances. If you or someone you know is going through or considering a divorce, in New York, contact experienced family court lawyers in Brooklyn to learn about your rights and obligations under the law.

You can never have too much good advice when it comes to ensuring you have adequate money for the present and the future. Below are 10 more tips to consider after your divorce. You may also wish to seek help from an estate planning attorney.

Below are five steps that can help organize this new chapter in your life, so that you can move forward.

1. Cancel Joint & Open New Accounts

If you haven’t done so already, all joint accounts should be canceled and closed because if they stay active you could still be held liable. Likewise, you need to open a new bank, credit, and investment accounts in your own name to replace the recently closed joint ones.

2. Update Your Estate Plan

Update or create a living will, power of attorney for health care and finance issues and other documents including beneficiaries (which usually require completion of a simple form) for retirement accounts, life and/or disability insurance, and other assets.

3. Retitle Your Assets

Post-divorce, many personal and real assets need to be “retitled” or the name of ownership needs to be changed to your sole name or to a living trust.

4. Change Your Name on All Accounts

If you change your name after a divorce, make sure all of your accounts (credit cards, bank accounts, retirement accounts) and identifying documents (such as driver’s license, Social Security card, passport) reflect the same information to avoid issues.

5. Project & Plan Your Finances

Run new tax projections with your accountant, analyze your investments, create a budget, and hire the appropriate advisors in order to keep your financial house in order after a divorce.

6. Review Insurance Policies

Contact your brokers for any insurance policies you have—such as for the house or car—and see what your policies entail. You may be paying insurance for assets you no longer own, such as cars, artwork, and jewelry. If your spouse received these items or they were sold, there’s no use paying more to insure them.

7. Have Cash Set Aside

Emergencies happen. How will you pay for car repairs or a new appliance? Try to have six months worth of expenses in a bank account. You may also wish to set aside some money in a short-term bond or CD so it can accumulate interest.

8. Check Your Credit

It’s a good idea to keep tabs on your credit score after a divorce. You can get a free report online but will have to pay for a credit score, which is highly recommended. Look for any errors, and remember—even if the other spouse got the car, if the loan was in your name, you could still be responsible for making the payments. If the other spouse is not making the payments, your credit score could be negatively affected. Get the loan out of your name.

9. Consider Taxes

It makes sense to work with an accountant following a divorce so you can get an idea of your taxes for the next tax year. Your accountant can run the numbers and see if you can expect to pay more and fewer taxes based on your new income. Going from two incomes to one will likely change your tax bracket.

10. Think About the Children

While the other parent will be paying some child support, you need to think beyond that. What about extra expenses such as sports activities, medical expenses, and when the children are older, cars and college tuition? You might want to set aside money in an account to pay for these expenses and create a plan with the other parent to help pay for the costs of these major expenses.

Schedule a Consultation Today with our New York Family Court Lawyers

Couples considering or facing divorce should contact experienced family court lawyers to learn about rights and obligations that come with a legal separation. Alatsas Law Firm is conveniently located for residents of Brooklyn, Queens, and Staten Island. Our ground floor office is handicapped accessible with a subway stop and two bus lines nearby.

We know that dealing with legal issues affecting your family can be stressful, but we will proactively work to provide you with peace of mind as you move forward. If you’re in need of assistance with a divorce or family law concern, contact us today at 718-233-2903 to schedule a free, no-obligation initial consultation.  

Ted Alatsas
Connect with me
Trusted Brooklyn, New York Family Law Attorney helping NY residents with Elder Law and Asset Protection
22 Comments
Most recovery companies will take your money again. I personally think they are the same set of people that run all of them, seems like an unending cycle and its too sad. The most crazy thing about the whole internet thing is how you can clone a website to make it look like the real one, I discovered so many people fell into this kind of scams. The only recovery company I know that works is Pro Asset Recovery, I have been to their physical address to meet them before and the good thing about them is that they will let you know if they can handle your case or not. So they will not just take your money when they already know they wont help you out Email: [WIZESAFETYRECOVERY AT GMAIL COM]
by Stephenie A Russell January 16, 2023 at 02:37 PM
I was taken advantage of during my investment into cryptocurrency as I fell into the wrong hands and $80,000 was stolen from me in bitcoin. I almost gave up as I was told it was not traceable neither is it possible to recover and then I saw an article about a technology guru.. I contacted him and worked with them and to my surprise he was able to able to recover all I lost.. I was so happy I decided to share this for anyone who might be in need of such service, you can reach them via their Email: Wizesafetyrecovery @ gmail com
by Sarah P Davis January 16, 2023 at 02:16 PM
Lost all my crypto savings on my Coinbase wallet and I couldn't explain if it was a phishing link I entered or so, but all I can say is my wallet was wiped. I read so much about Hacking Professional who I decided to contact and trust me, he didn't disappoint. He recovered all the lost coins as well as my (bitcoin and ethereum) worth about $348.000 as of then. His charge was moderate and he kept me informed about every step. You can reach him: Hackingprofessional3 at G M A I L dot com
by Clyde Bailey January 16, 2023 at 10:09 AM
'Backendrecover AT rescueteam DOT com' is the best in recovering any form of lost Bitcoin. " It was a very pleasant surprise that they" (a) were able to track and recover my stolen bitcoin, and (b) were honest enough to return the coins. I would like to take the time to not only commend the honesty shown here but also recommend him to other people in the future.
by Mabel Cooper December 30, 2022 at 03:26 PM
Losses to scam are products of mistakes and we all make mistakes. The important step is what we do afterwards, the decisions we make after will either move us forward or hold us back. I lost $75,000 after investing in a fake investment company. Thanks to BACKENDRECOVER (At) RESCUETEAM (Dot) COM for helping me recover my money back. Little did I even know that it’s possible to recover lost coins.
by Roy Houk December 26, 2022 at 01:02 PM
Backendrecover AT rescueteam DOT com' is the best in bitcoin, account, password and money recovery. I had a Trustwallet account that I created 2years ago with bitcoin in it. When I went back to use the coin I realized my wallet had been hacked and my coin was gone. After a week of not having access to my coin, I started researching and they had the best reviews. They tracked the coin using the hackers transaction signature print in an hour and only took their 20% fee which I was more than happy for them to have. Highly recommend their service.
by Susan Garst November 24, 2022 at 09:10 AM
A common misconception is that lost or stolen bitcoin is gone forever, without knowing that, as Blockchain Forensics Continues to Evolve, Identifying, Tracing and Recovering Stolen, Hacked or Scammed Crypto Assets have already become easier than traditional asset recovery. As easy as it is, only a Very Very few Professional Recovery Experts can get this type of job done, To Perform or Invest and hold a certain Amount of Bitcoin you have to verify your Identity as Required by the Law. A few experts have found a way to exploit this Verification and use it to their advantage to Trace and identify Bitcoin wallet and the Identity of the person who owns the Wallet which Victims sent Bitcoin or other Crypto Asset to. IF You ever lost your funds to an investment scam, Bitcoin Mining Scam or any Type of Scam what you need to do is Hire a Professional to get the job done. Also be very careful of who you hire to get the job done, as MORE Than 95% of people who claim they can Recover Lost, Stolen, Hacked, or Scammed Bitcoin are all Scammers themselves trying to rip you of Whatever is remaining of your Hard Earned Money which was lost to Scammers. If you ever need to HÏŘË a professional to help you recover your bitcoin or funds either stolen, HÄČKËD or ŠČÄMMËD, simply send an ema!| to ‘’BACKENDRECOVER Ã [Ť] RESCUETEAM DOOT ČÕMË’’ . He is a professional recovery agent who recently recovered 250,000USD worth of Bitcoin Stolen from a friends wallet. he does not charge a penny until after the job is done. he has been tested and Trusted by Several Victims of investment scam i know.
by Lu Miller November 17, 2022 at 05:09 AM
The collapse of FTX Trading nearly killed me with Hypertension if not for the quick intervention of Backendrecover at Rescueteam dot c o m. He did an incredible job in helping me trace where my investment was transferred to and recovered them all. He's also helping me recover my lost Bitcoin which some scammers took from me a few months ago. Thank you Kelvin Mangel for introducing me to him.
by Robert Ames November 15, 2022 at 04:34 PM
I am so glad I came in contact with you Backendrecover {at} Rescueteam {dot} com a few days ago. He has helped me recover my lost fund on FTX Trading. He does all kinds of lost fund recovery,including Cryptocurrencies.
by Kelvin Mangels November 12, 2022 at 10:34 AM
If you have been scammed of your crypto before or you know anyone that was scammed of their Bitcoin, then you should write to CryptoSwiftRecovery AT g m a i l DOT com
by anold saxon November 11, 2022 at 05:50 PM
Recently FTX Trading Limited crashed and many of it's users lost their funds.Are you amongst those that lost their money? All hope is not lost,contact BACKENDRECOVER AT RESCUETEAM DOT COM for recovery of your lost crypto on FTX Trading Limited. He helped my friends and i recovers ours yesterday
by Tina York November 11, 2022 at 02:17 PM
If you lose money too, don't waste any more time. I’ll advise you to go now to ApexFundsRecovery1AT Gmal C0M a leading crypto crime researcher who can help you trace and recover it. I got my stolen asset back with their help.
by carthy mason November 10, 2022 at 02:30 PM
We wanted to buy a house, but we found out that my credit score was really low to do anything. I had about 13 cards in collections. One was a medical bill I guess. We hired a credit repair agency to assist me with my credit. Within a few weeks, they raised my score to 791, took care of all collection cards and added a seasoned line of credit. We got the new house ASAP. FixMyCredit is a sweetheart, you can hire them too; fixmycredit at writeme com.
by Sheila Haden November 7, 2022 at 04:36 PM
I am a cryptocurrency trader and i have been trading in the market for a long time. i have been using trezor wallet to store my coins but recently i mistakenly clicked on a phishing link and all my coins were stolen. i immediately contacted [email protected] and they came to my aid. The digital triangulation experts at American Digital Forensic Firm Swift Recovery were able to recover $4.4 million dollars in stolen cryptocurrency from my trezor wallet after i mistakenly clicked on a phishing link. The money was recovered from multiple wallets which are outsourced by Swift Recovery The company also helped me detach $2.4 million in my wallet being the first part of the 4.4 million recovered and i am waiting for the BNB gas fee to go through so that i can detach the rest from the outsourced wallets
by anold saxon October 16, 2022 at 09:19 PM
'Recovercoin AT rescueteam DOT com' is the best in recovering any form of lost Bitcoin. " It was a very pleasant surprise that they" (a) were able to track and recover my stolen bitcoin, and (b) were honest enough to return the coins. I would like to take the time to not only commend the honesty shown here but also recommend him to other people in the future.
by Freddy Rohan October 4, 2022 at 07:12 AM
Technology is indeed life if you ask me. I lost over 32,500 worth of bitcoin but thanks to JERRYFIXESIt @ Cyberservices . com for their professional service in recovering all of my money from this scam company. Through them, I realized there are new innovations that do not only trace bitcoin addresses but find out what platform for exchange they belong to and this is unarguably a big step in recovering coins. I'm so excited to have my money back and I recommend using them to recover your lost funds should you find yourself in a similar situation or worse. Thank you Jerry.
by martha lacey September 23, 2022 at 07:46 PM
Words can’t express how King Jim, as I now call him, from 'Recovercoin AT rescueteam DOT com' recovered my Bitcoin account and saved my life! He is the real deal. I recommend him for similar issues.
by Jmaes Morris August 25, 2022 at 06:40 AM
I was pretty devastated when I accidentally corrupted my girlfriend's electrum wallet. Jim at 'Recovercoin AT rescueteam DOT com' came to the rescue and recovered the wallet in a matter of 72 hours. This saved my ass, and likely my relationship.
by Olivia Allison August 24, 2022 at 08:54 AM
A quick note to say that Jim from 'Recovercoin AT rescueteam DOT com' got in touch, and with new tools solved my unaccessible Bitcoin account problem from a while ago. He took his 10% as agreed and which is more than fair. And left the rest for me to move somewhere safe. What a gem of a human.
by Jason Martin August 22, 2022 at 08:31 AM
New Horizons came highly recommended when I lost $84,000 worth of Bitcoin to a fake online investment company, it' was an awesome delivery and amazing support from a recovery specialist (New Horizons 001 at AOL dot com) went out of his way to help me recover every single coin stolen from me by providing me with links and steps when I was about to lose hope. You can reach out to him for any recovery issue.
by Jane Smith July 20, 2022 at 02:54 AM
'Recovercoin AT rescueteam DOT com' is the best in bitcoin, account, password and money recovery. I had a cold storage wallet that I created years ago with bitcoin in it. When I went back to use the coin I realized my wallet had been hacked and my coin was gone. After a week of not having access to my coin, I started researching and they had the best reviews. They tracked the coin using the hackers transaction signature print in an hour and only took their 20% fee which I was more than happy for them to have. Highly recommend their service.
by Willaim Mark July 18, 2022 at 03:03 PM
A couple of weeks ago, I obtained a copy of my scores from the 3 credit bureaus; they were in the 579 range, how pathetic. He says there was no way I could be granted a loan with such a score so he rather introduced me to a credit specialist. In a few weeks, the specialist deleted all items on my report and raised my score to a whopping 791 across all 3 bureaus and I got my loan after 4 days, very excited. Contact: fixmycredit at writeme dot com.
by Tanya Oscar July 9, 2022 at 04:42 PM
Post a Comment