In can be common any marriage for one spouse to handle the finances and the other to manage other matters, like scheduling, coordinating, etc., in the home. However, if you are contemplating divorce, and you have not personally dealt with your household finances, it can seem overwhelming.
Learning to budget and be financially independent can seem difficult, but Wolf & Shore, LLC understands this and knows how to make it as easy as possible for our clients! We can refer you to a financial advisor, accountant, or other professionals that we work with closely, to get you on track, and we encourage you to sit down with us, and the professional of your choice, so that we can have an expert opinion to help us, and you, as we navigate through your divorce.
While a financial professional can give you exact advice, some tips that we generally tell our clients is to live within their means, create a budget, and still continue to plan for the future. It is very important to educate yourself and understand what expenses are associated with the residence in which you will be residing and what other financial expenses you will have.
It is also important to maintain your credit. You should look into your credit score, and continue to pay bills steadily. This will help you in the future if you need to apply for any loans, or lease a new apartment.
If your divorce has already been completed, you may need to think about updating your estate plan, or meeting with a financial advisor to invest for retirement. It is also important to make sure that any accounts with beneficiaries have been updated and that you have the proper instruments in place as necessary (for example, a trust if you have young children).
Whatever your financial situation, make sure you have a plan-that is what will give you financial control. Our firm can help you create that plan, and set it in motion. Contact us for a confidential consultation today! We can be reached here, at 203.745.3151, or at info@wolfandshorelaw.com.
