Top Financial Tips for Divorced Dads in NY

Managing money after a divorce can be incredibly challenging, especially for dads on Long Island, NY. If you’re a divorced dad, here are some tips to help divorcing fathers get control over their finances and how Hornberger Verbitsky, P.C. can help.

Cut The Expenses You Can

When you’re living on your own as a single father after a divorce, you’ll be financially responsible for your household expenses, food, and transportation. If you’re paying alimony or child support – or likely even both – you’ll need to include those costs too. All this adds up and can leave newly single dads on Long Island, NY without enough resources to make ends meet.

See what expenses you can cut. Start with the obvious, like cooking at home instead of dining out, buying off brand items when it doesn’t really matter. Then move on to more dramatic reductions, like selling your car and switching to public transportation. This can save you on car payments, fuel, maintenance and even insurance. This helps the money you do have go further.

Look For Ways to Get Extra Money

If possible, it’s also a good idea to try to add money to your income. This can be done a few different ways, like working a second job or completing odd jobs for people around your community.

You may even be able to apply for state benefits that give you money for food, housing, and childcare, so you can spend your own funds on things the state won’t cover, like furniture, clothing, school supplies, etc.

Make Your New Budget Work for You

Once you’ve eliminated excess spending and started to bring in new revenue, it’s time to see how much you’re working with and what expenses are going out on a regular basis.

Make a budget that you can follow with different spending categories for things like gas, groceries, and insurance. Include both fixed and variable expenses, so you know exactly what needs to come out of your account every month. If you’re making more than you spend, be sure to put some of your money back in savings.

Save For Emergencies & Retirement

If you have flexibility with your income, try to save some money back to cover emergencies if they come up and for your retirement. When you no longer have a spouse that contributes to your retirement, it’s up to you to calculate how much you’ll need to retire comfortably and how much you should save per week or month to get there.

Make sure you’re prioritizing setting this aside – it can be hard to do when you’re on such a tight budget, but divorced dads have limited time with which they can establish a healthy enough retirement fund to support them in their later years.

Get Rid of Any Debt You Can

Finally, it’s important to take care of any debts that you owe. This includes both debts that are in your name only as well as debts that you and your spouse have together. If you have a joint debt that your spouse stops paying, it will still have a negative effect on your credit until it’s paid.

Creditors and lenders don’t change the responsible parties on debts after a divorce, so both people listed are still subject to collection action for as long as the money is owed.

It may be frustrating to be the one making the payments that your spouse agreed to make, but if you don’t, you’re hurting your financial future. It’s better to pay off the debt you have and avoid taking out new debts if possible. If you do, make sure they’re only in your name and not another joint debt.

Talk To a Qualified Long Island, NY Divorce Lawyer

One of the most important things you can do as soon as you know you’re going to get a divorce is to talk to an experienced Long Island, NY divorce lawyer. You can even book a free consultation if you only suspect your spouse wants a divorce or if you’re considering divorce yourself.

At Hornberger Verbitsky, P.C., we have extensive experience representing fathers in their family legal cases and we can help you navigate the many challenges of ending your marriage. Contact our office today to schedule a time to speak with one of our veteran New York divorce attorneys by calling 631-923-1910 or fill in the short form on this page and we’ll get back to you to schedule your free case evaluation.