Financial management after a divorce
Divorce is a painful, emotional time for most couples. Afterwards, you may feel as though you’ve made it — that you’re free of the hardships the divorce has caused. However, when it comes to finances, you can quickly find that yours aren’t doing so well after your divorce. Here are some financial management tips to help you move on while making sure your finances are secure.
— Consider making a move. If you are living in the family home, you may want to consider moving. It is hard to give up the family home in some cases because of its sentimental value. Maintaining the home with one person’s income could be difficult. You can sell the home, but if your divorce order says you must pay your ex part of the profit, make sure you do so.
— Get new accounts. You will need to open a new bank account if you haven’t already. Also get a new credit card that is only in your name. This can help you build credit in your name alone. If you have had a name change, you will need to get a new driver’s license and other identification.
— Check your insurance coverage. You should get in touch with your insurance agent and make sure your automobile coverage doesn’t list your spouse. You should change the beneficiary on your life insurance policy. Also, it is a good idea to change your will to make sure your ex is not going to receive everything if you pass away.
— Don’t rely on child support payments. Even if you believe they will be paid on time every month, there could come a time when a payment does not make it to you. It can be difficult to ensure visitation rights when you’re not receiving child support, but you could be held in contempt of court if you don’t allow the child’s other parent visitation as ordered.
These are just a few tips to help you as you move on from your divorce. Your divorce attorney can likely provide a reference for a financial planner to help you further.
Source: Kainen Law Group, “7 Financial Management Tips For Anyone Who Just Went Through A Divorce,” Toby Nwazor, June 13, 2016