Are you waiting to divorce because of inflation?
If you are, don’t! There is no need to. It could actually cost you
Delaying your divorce because you’re afraid of a decrease in income,
your diminishing assets portfolio or simply because you’ll have
less money is not a reason to stay in a bad marriage.
Inflation won’t have a real impact because when your assets are divided
and spousal and child support determined, the numbers are based on percentages,
not actual dollar amounts, except where income caps apply. I know it may
feel like a really bad time to divorce financially but it isn’t!
I received a phone call over the weekend from a devastated spouse who said,
“I can’t believe it, I have been married, I thought happily
for 10 years, and today my spouse said, “I want a divorce. I’m
not happy. I have met someone else. I want to be happy. This marriage
She was very concerned about the impact of inflation right now on her divorce
settlement. I told her not to worry and explained why.
She said her whole life just flashed before her eyes. She didn’t
see this coming and didn’t know what to do. The main concern was
that she had given up her career as a teacher and had stayed home to raise
3 children. She had supported the efforts of her spouse who had achieved
great success and a partnership in a high profile law firm in New York
City. Now she feared what lay ahead for herself and the children financially.
We discussed all her options including the use of my unique divorce process
that can save money and time!
These days there are still some spouses who give up careers to stay at
home to raise the children. They often spend most of their marriage helping
to support, and in some cases to build, their spouses’ careers/businesses
in the best interest of the family. But, if at some point you or your
spouse want out of the marriage, will you be prepared? Will you be able
to survive financially?
The answer is Yes! But I strongly suggest you always keep your finger on
the financial pulse of your marriage and family. Don’t be in the
dark. Don’t leave all the financial decisions to your spouse. Insist
on being a partner in all the financial decisions and know where all the
money is invested. Look at all bills, statements, payments etc. Don’t
forget about yourself along the way, keep your skills sharp and don’t
forget to stay present in your marriage. Always put aside some money for yourself!
Here Are My 6 Divorce Tips for Financial Safety in the Event of Divorce!
- Make a plan before you move forward with a divorce. Sometimes you won’t
have that luxury especially if your spouse walks through the door and
says, “I want a divorce.” So be prepared. Review your skills,
finances and evaluate your ability to support yourself financially;
- If you find yourself falling behind on taking care of yourself and your
skills, you may want to take some courses or become certified in a particular
- If you have skills and can return to work, update your resume and explore
what opportunities exist. Create a work-at-home opportunity for yourself
and start networking with friends already in the work force;
- If you don’t have separate assets, consider having a separate bank
account, set one up and start saving some money. You will need money for
a retainer for an attorney or mediator if divorce does rear its ugly head;
- Review all your expenses. Make a budget. What are you spending now? What
will you be able to spend after the divorce for your own household? Know
how much you will need to survive. Start implementing changes to cut back
on expenses and put some money aside for yourself;
- Visualize the Life You Want! Life will change after divorce. Some things
will be better, others more challenging. Think about where you want to
live, what type of career you will embark on, and how you will be prepared
financially to handle all of these changes.
It’s important to remember, child support and spousal support (if
you are entitled to them) do not last forever. The sooner you can stand
on your own two feet, the better you will feel.
If you are thinking about divorce and concerned about financial safety,
I want you to feel encouraged and empowered by “being prepared”
if divorce should occur in your marriage.
If you are thinking about divorce or your spouse has just told you they
want a divorce, call me. I will help you prepare emotionally and financially
for the next steps. We can also discuss my money saving divorce mediation process!
As a divorce attorney and psychologically-trained mediator, I have been
successfully guiding divorcing families using compassion, keen legal strategy
and unique psychological insight for over 35 years.
Speak with me so I can educate you, explain what you are entitled to, and
give you some suggestions on how to financially move forward with your
divorce. I can also introduce you to financial experts that are part of
my team. You could also receive a free financial evaluation, just ask
me about it!
Call me now to schedule your free consultation. 212.734.1551.
I promise to listen, and I will give you good advice.
FREE 1 HOUR CONSULTATIONS are still available virtually.
I look forward to speaking with you!
Call New York Divorce Lawyer Lois Brenner if you are concerned about your
finances if you get divorced!
We have a few appointments still available this week!