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There are a lot of challenges associated with the divorce process, not the least of which is figuring out how you will emerge from the process with financial stability.
Here are a few tips to help you with your money management during divorce so you can maintain financial sanity.
- Only take advice from experts: You’ll find plenty of people will provide you with unsolicited advice about your divorce, especially with some of the financial and procedural issues. Don’t pay them any attention—instead, seek the advice of experts and your attorney.
- Close joint accounts: As soon as is practical, close your joint credit accounts. This will prevent you from having debt racked up in your name against your will. Protect your credit by closing joint accounts.
- Open new separate accounts: In addition to closing joint credit accounts, open new separate checking accounts that you will use moving forward from the divorce.
- Budget, budget, budget: You’re going to need to carefully track your income and expenses and develop a thorough budget for your new financial situation. It can be difficult to go from a dual income to a single income, so make sure you know exactly what your financial situation looks like so you can make the appropriate lifestyle adjustments.
- Update all records: When your divorce is finalized, you’ll need to update marital status on utilities, taxes, insurance and property titles, and should also update your beneficiaries on all of your accounts and insurance policies.
- Build credit: Start building your own credit on your individual accounts. Your credit score may take a hit after your name gets taken off established credit accounts, so you should start building that history back up right away.
For more tips for solidifying your finances after divorce, contact an experienced attorney at Appelhof, Pfeifer & Hart, P.A.
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