The momentous change associated with getting a divorce can be overwhelming, especially if you were financially dependent on your other spouse throughout your marriage. However, your post-divorce life will demand a certain level of independence.
While the notion of independently managing your own affairs can seem daunting, you will eventually begin to appreciate the value of exploring and developing your own interests and goals apart from your ex-spouse. This blog discusses some tips that will help you attain financial independence after your divorce.
Employment or Investment
The bedrock for establishing financial independence is finding a regular income stream. For most people, the most efficient way of securing regular income is through employment. Depending on how long your marriage lasted, you might be receiving alimony payments. For shorter marriages, courts will award spousal support only to the extent necessary to assist the spouse in attaining financial independence. For long-term marriages, alimony payments can last indefinitely if a spouse’s chances of finding employment are slim, due to their advanced age. In such cases, you can benefit from the services of a professional financial advisor.
Fresh Financial Advice
Ideally, the terms of your divorce were the product of professional financial and legal decision making. After the judge finalizes your divorce, you can still greatly benefit from professional financial advice. It is highly recommended that you find a different financial advisor than the one who handled you and your spouse’s finances when you were still married. Your financial advisor can help you manage any banking and investment accounts. It is also recommended that you update any life insurance and retirement accounts if you no longer want your ex-spouse listed as a beneficiary.
Update Your Estate Plan
If you and your spouse created an estate plan while you were married, it is important to update those documents as well. Documents such as your living will and powers of attorney likely listed your ex-spouse as the person who would make legal decisions on your behalf in the event you lacked the capacity to make such decisions on your own. If you can no longer trust your ex-spouse with that responsibility, you should amend your estate plan accordingly. Furthermore, if you no longer want your ex-spouse to inherit any of your wealth when you pass away, you should also change your will and any trust documents to that effect.
Consult Our Dedicated Altamonte Springs Divorce Attorney
At the Law Office of Russell S. Hershkowitz, LLC we understand the challenges associated with transitioning from married life to being single. Altamonte Springs residents have grown to count on us to provide sound legal advice – informed by over 25 years of family law experience – to help them resolve issues related to divorce and other family law matters. We can refer you to professional financial advisors, certified public accountants, and estate plan attorneys to help you kick off your new life of independence.
For more information, call the Law Office of Russell S. Hershkowitz, LLC at (407) 753-4111 or contact us online today.