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Financial planning following a divorce

We All Need A Champion

Once the dust settles and you and your former spouse have negotiated your property division, you want to pick up the pieces and set yourself up for success. Many people find that they are not able to enjoy the same lifestyle they did before because they only have one salary covering the household expenses.

To ensure your financial future post-divorce, here are some steps you can take.  

Update your accounts

When you take stock of your new circumstances, you want to make sure your ex is no longer entangled in the details. This process involves more than closing out joint bank accounts and canceling credit cards. You also need to change beneficiaries on your life insurance, your pensions and your 401(k). Modify titles on the car and home, if applicable. 

Make a budget

Include your income and assets, as well as your living expenses, debts and taxes. Make sure to adjust your budget for alimony or child support. Before you spend any money, get a good understanding of your disposable income and know what you have to spend. Consider how you will save for future expenses and retirement. 

Think about your career

If your needs exceed your income, you may be able to correct your deficit by improving your earning potential. Obtaining more training or getting a degree could be the key to making a higher salary. You may even negotiate the expenses of education as part of your divorce settlement

Consider downsizing

Although you may not want to disrupt your children’s lives any further, you may find that you cannot afford the family home. While moving may pose some emotional challenges, selling the house and renting for a while is a decision you need to make from a financial standpoint.

In addition to the assistance your attorney provides, you may benefit from the advice of a financial planner who can help you identify your goals and create a plan to reach them.



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