Financial Adjustment During and After a Divorce
Divorce can be tough emotionally, physically and financially even when it’s done amicably. You’re losing a person you once loved, splitting your family and assets, not to mention an income source from the home is gone.
The changes in your finances and lifestyle after you and your spouse stop living together can be overwhelming. Divorce doesn’t make things simple, but if you allow yourself to separate emotions so that you can plan for you and your family’s future, in time you’ll have less regret.
No one wants to be broke or financially unstable. If this is your situation or you just want to ensure stability for the future you need to make some financial adjustments. If you and your spouse had joint accounts, close them and open one in your name only. Just remember too keep a copy of old bank statements for tax records and returns from your last year of marriage.
Make a copy of all legal binding documents in case there’s a fire or they get misplaced. Another good idea is to meet with a financial advisor to help give you focus. You may not be able to continue spending like you did when married, but that’s okay. Creating a budget, and learning how to live within your means is not the end of the world. If followed correctly you can prevent a life long struggle with money, and maybe even increase your savings.
Be sure to change the beneficiaries on your life insurance policies if necessary. As well you need to sit down with your attorney to update and remove your spouse’s name from your will and living directives. If you have children, don’t have a will or living directive your attorney can set one up for you. You want to make sure they are taken care of in the event something happens to you. Things may be tough in the beginning, but you will come out stronger in the end.
Written by: Jamacia Magee, Rust Built, Marketing Services