Following a divorce, you will likely be the only one making financial decisions for yourself and it may be overwhelming. Many people have never been in control of their own finances or have no idea what accounts they have or what bills they owe. If this sounds like you, it is important that you do everything in your power to control your money and make the best possible financial decisions.
Take Care of Financial Past to Benefit Financial Future
Remember, while your former spouse may have been the primary financial guardian beforehand, you may be viewed as adversary now. You must do all that you can to protect yourself and your finances from a former spouse.
When you are newly single, you should:
- Check your credit report to find accounts and lines of credit that are under your name
- Remove your name from joint loans or shared property
- Finalize all accounts and details stemming from the divorce and follow through on any financial actions
- Prepare new wills and place new beneficiaries on insurance and retirement accounts
- Think though all decisions and do not make any moves you cannot reverse
- Be strategic with your money to give yourself a better payout
- Develop a relationship with a financial planner to guide you through the process
After wrapping up a stressful divorce, the last thing that anyone wants to be stuck with is a financial past that weighs them down. By taking some time to close up some financial concerns, you are building a solid financial future for the new chapter of your life.