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Steps to prepare your finances post-divorce

On Behalf of | Sep 20, 2018 | Divorce |

re you someone who struggles to stay on top of their finances or are you on top of every transaction? No matter which type of person you are, many people need help managing their finances when going through a divorce.

Many times, people who have been married for a significant amount of time only have one spouse handling all the finances. This strategy is popular when one spouse earns significantly more than the other and decides to keep a watchful eye over all the assets. This leaves the other spouse in the dark about how their finances work and how to plan for the future once divorced.

It may not be easy to plan for what your life will be like once you divorce, but if you take some time to think about your finances, you may be able to relieve stress later. By following the steps listed below you can begin to create a financial plan the moment you finalize your divorce:

  • Learn your complete financial picture. This includes understanding all your accounts including checking, savings, retirement, pensions and any other bank accounts you have.
  • Review your current budget and determine how your divorce will affect your monthly expenses.
  • Learn how your finances and assets will be split because of the divorce. Use this information to create a workable post-divorce budget.
  • Divorce may provide you with extra assets you no longer need, consider selling these items to help with your future finances.
  • Increase your retirement savings if you are able.
  • Give yourself new financial goals based on your lifestyle and income after your divorce.

Planning for your financial future while going through a divorce is not easy and it may not be what you want to think about during that time. By having a plan for your finances when you are no longer married, you may even ease some of the stress of your divorce.