Tips for Smoother Finances During & After Divorce

A universal truth is that #divorce can be expensive. And while most, thankfully, won’t end up in the tabloids precisely because of how much each side spent battling their ex, even a typical divorce can be prohibitively expensive for the parties involved.

This recent article outlines five ways you can keep a lid on divorce expenses. Read the details there, or peruse a quick summary below:

1.    Try mediation – rather than fighting over every issue in the courtroom, try and resolve as much as possible through agreements made during mediation.

2.    Create a future budget – this allows you to focus realistically on rebuilding your nest egg and keeping a lid on expenses

3.    Close all joint accounts – this is the very first step you should take, to avoid any unnecessary surprises along the way

4.    Update all beneficiary information – after the divorce is finalized, make sure you know who will receive your life insurance proceeds if you were to pass away.

5.    Closely monitor your credit report – pull your report as soon as you know a divorce is imminent, then keep an eye on it throughout, and after, the proceedings.

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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.