How to recover financially after a divorce


Divorce can be a trying experience both emotionally and financially. According to Brendan Lyle of divorce finance company BBL Churchill, taking a few wise steps can substantially lessen the potential for monetary damage after a couple decides to dissolve their marriage. Making the divorce process easier can help reduce stress, and ease the pain of a challenging transition.

Understand your assets and liabilities.
Take an inventory of what you owe and what you own. This includes mortgages, loans, stocks, and other investments and accounts. So many people rely on their spouse to pay things like mortgage on the house, and have no idea what their situation is. It is imperative that people take this step before legal counsel is even consulted. Finding these things out after a divorce lawyer is involved takes time and money. Knowing this information makes everyone’s lives a lot easier. This is also an important time to preserve or improve your credit. You will potentially spend the rest of your life securing loans without the assistance of your partner, so that is something to consider in the early stages of a divorce or separation.

Get professional financial advice.
Advisors can help clients determine whether it is wiser to sell things such as the shared home immediately and split its proceeds for investments, or if it is better to wait and sell major assets later. They are able to make these projections about your financial situation five years down the line, and help you determine what course of action best fits your needs. There are specialized divorce financial planners who do just that. It is also important to realize your spouse’s future earning potential, as well as your own.

Secure records and passwords.
This includes insurance information, birth certificates, passports and credit card information. Being as well informed as possible can also help control the cost of a forensic accountant, which can be one of the most expensive aspects of a divorce.

Know that resources are available in the interim.
BBL Churchhill issues divorce financing loans to pay for divorce litigation and living expenses based on projected awards at the end of the case. These loans generally constitute 25% of overall estimated awards, and are lent at rates akin to credit cards. This money can help a client secure the best legal counsel and maximize alimony and child support, as well as cover their costs of living in the time before the judge’s decision is finalized.

Breaking: National

Peter Theo Curtis: American released by Syrian militants…

An American writer freed this week from two years in the captivity of insurgents in Syria spoke briefly outside his family's Cambridge home Wednesday of…


Rock legend Neil Young files for divorce after…

The legendary Canadian rocker Neil Young has filed for divorce from his wife of 36 years.


FDNY debuts new fire simulator for blazes at…

The New York City Fire Department christened its newest, state-of-the-art, custom-built simulator at its training academy on Randall's Island Tuesday.


Brewer celebrates Women's Equality Day with voter pledge

Manhattan Borough President Gale Brewer celebrated Women’s Equality Day Tuesday by pledging to register at least five women voters before the Oct. 10 deadline. Brewer…


Review: 'The Last of Robin Hood' is a…

Dakota Fanning plays Errol Flynn's (Kevin Kline) teenage gal pal in "The Last of Robin Hood," which takes a scandal and makes it dully empathetic.


Review: The uneven 'Life of Crime' mostly gets…

Elmore Leonard's "The Switch" becomes the new indie crime dramedy "Life of Crime," with Jennifer Aniston as a kidnapped woman whose husband won't pay up.


Review: Pierce Brosnan gets a cut-rate Bond knockoff…

Pierce Brosnan tries to reclaim his glory days with the spy thriller "The November Man" but instead gets a sad DTV-style ripoff with lame action.


Tiesto headlines Made in America

Electronic music legend Tiesto is ready to get in touch with his inner Rocky at the Jay Z-curated Budweiser Made in America festival this weekend…


When are 2014 college football playoffs? (Schedule, date,…

When and where are 2014 college football playoffs? A look at the schedule, date, TV, time for the semi-finals at championship game.


Dimitri Patterson suspended only for rest of preseason…

Dimitri Patterson ended up getting just a slap on the wrist.


Eugenie Bouchard excited for 'rowdy' fans at US…

Eugenie Bouchard is sure to endear herself to New York's tennis faithful as she tries to win her first grand slam title across the next two weeks.


MLB Power Rankings: Angels and A's still at…

MLB Power Rankings: Angels and A's still at top, Nationals climb


Stop eating lunch at your desk

What are you doing for lunch today? If you are like most workers, you'll be eating at your desk - which isn't much of a…


Lure your baby to sleep with Maroon 5…

These new renditions of "Moves Like Jagger" and "Payphone" are Maroon 5 like you've never heard them before.


Who is having the most orgasms?

  Single lesbians report having orgasms more often than heterosexual women but both gay and straight men still come out on top of the climax…


Jonathan Adler shares his tips for a great…

Jonathan Adler took a break from boogie boarding at his beach house to tell us how to keep that Labor Day party festive.