Going through a divorce is difficult, but many people do not realize that life after divorce can be tough too. This is a new chapter in your life with many adjustments and changes to think about. Dealing with and figuring out your financials can be especially hard to handle.
This new financial situation can be hard to navigate and there are many elements you should consider. Here are four steps you can take in order to begin managing your new financial circumstances.
Check your status
A good first step in figuring out your finances is evaluating your current situation. If you do not already know what your credit score is or the status of your accounts, you should be sure you are aware of what your circumstances are.
Redo your accounts
Updating your accounts is another smart step to take. Many of your accounts such as your retirement account, insurance policies and trusts may list your ex. You should update these accounts so they are no longer linked to your ex. Should something happen, you do not want your ex to have control of your accounts or decision-making power.
Make a plan
You may want to create a plan after your divorce since your spending patterns and income may have changed since your divorce. Creating a budget can help you regulate your accounts and get a handle on your finances. Careful planning is a good initial step in finding success post-divorce.
Having support is another good idea. If you are receiving spousal support, you should be sure to clarify the terms of your arrangement and be sure you are getting what was agreed upon.
You may also want to seek outside support. Hiring a financial planner or other account managers can help you figure out your situation and find financial security.
Finances and divorce are difficult to navigate and it is easy to make mistakes, but it does not have to ruin this next chapter of your life. Careful consideration and planning can help you successfully figure out your financial situation even after a divorce.