Eight Tips to Get Back on Your Financial Feet After Divorce

No matter how amicable (or not) a #divorce might be, the reality is that each ex-spouse faces a very different future after the final paperwork is signed. One area where many people struggle – especially those who were hands-off when it came to money management during the marriage – is finances.

Here are four tips to help you get back on track after a divorce.

Figure Out Where You Stand – Financial resources will be one thing you should have negotiated for during the divorce. Now that the divorce is final, it is crucial that you assess all aspects of your financial situation. This includes all living expenses, outstanding debts and monthly income, including any support you will receive. You can’t move forward if you don’t know where you stand today.

Set Up a Budget – Once you know your monthly income and obligations, the next step is setting up a plan that addresses both your daily living expenses and mid- and long-term saving goals. It’s hard to reach future financial goals without a clear plan that, more importantly, you follow.

Seek Out Professional Guidance – This one can be especially helpful if you were the spouse who did not manage your marital finances. Dealing with your share of the marital assets (like retirement accounts, investment portfolios, real estate, etc.) can be overwhelming. Enlisting the assistance of a professional financial planner can help you navigate to a healthiey, happier financial future.

Take Care of Paperwork Details – Now is the time to update the title to your home, close any remaining joint accounts and update your life insurance beneficiaries. Failing to take care of these tedious administrative tasks now is a recipe for potential disaster later.

Going through a divorce can lead to financial uncertainty and concern. Visit our website to learn how a Divorce Transitional Support Advisor can help you or your client regain financial stability after a divorce.