When it comes to financial management and divorce, it goes without saying you will have quite a bit on your mind.
Even though this may be the last thing you want to think about, you can’t afford to put it off any longer. If you do, you will only make things worse on yourself.
Here are several financial tips to follow after divorce:
— Apply for a new credit card. This doesn’t apply to everyone, but if you previously had a joint account it is a step you may need to take.
— Review your investments. Now is the time to review your investments, see where things stand, and set goals for the future. This is even more important if your spouse previously handled the investing for your family.
— Make a move. It can be difficult to live in a family house after divorce. Rather than put yourself through this pain, it makes better sense to move. Not only will this put your mind in a better place, but it can also save you money.
— Get your own bank account. Just the same as a credit card, you need your own bank account now that your divorce is final.
These are just a few of the things you should do from a financial point of view after a divorce. As long as you know which steps to take, as long as you pay close attention to every move you make, things will begin to come together.
Divorce is a big deal and you need to treat it as such. This will impact your finances, so be sure to plan in advance.
Source: The Huffington Post, “7 Financial Management Tips For Anyone Who Just Went Through A Divorce,” Toby Nwazor, June 13, 2016