Do You Know These 7 Ways To Survive a Divorce With Your Finances Intact?

Going through a divorce is an overwhelming time, but it does not have to be this way! It can be a lot easier to come out financially stable after a divorce if

you follow these 7 tips for protecting finances before divorce.

I’ve lived through a divorce and lived to tell the story. And I can tell you that divorce stress can be devastating, both emotionally and financially. It’s a delicate time that can easily result in making poor decisions. For me, it felt like my whole world was being turned upside down, and in a way I guess it was. Nothing seemed to make sense at a time when you have to make some really important decisions. The decisions you make before, during, and after divorce can have an impact on your post-divorce finances for a long period of time. Making wise decisions can shorten the time it takes to recover financially.

Thankfully, there are quite a few things that need to be done after a divorce which don’t require a lot of thought, time, energy or money. Some choices are easy to make and easy to implement.

Speed Up Your POST-Divorce Financial stability with these strategies :

1. Close joint account and open your own bank account a.s.a.p. If you’ve taken the final decision to get divorced, you don’t want to be stuck with any financial liabilities your soon-to-be ex creates. This doesn’t just include bank accounts. Any credit cards are also potential nightmares. Contact your bank and credit card companies and explain the situation. Act NOW, to get your finances in order so that you experience minimal financial woes after the divorce.

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Open new accounts in just your name. This might be easier to do before closing the joint accounts.

Ensure that you’ll have access to money throughout the divorce process.

2. Think about your housing situation. if you have children, get ready for a complicated situation. Your kids need a place to live, so selling the house, or moving out may not be an option. When children are part of the picture, it’s often best to consult with an attorney to examine your options. If you do not have kids, it’s often easier to sell the home and move on. You may also decide to buy out your soon-to-be-ex, and assume full responsibility for the house post divorce. That’s what I did, and when my divorce was final I rented out the house and moved into a more affordable apartment. The rental income covers the mortgage payments, and at least I now have an asset that will continue to appreciate in value.

3. Take stock of all your assets. Do you know the full extent of your financial holdings

during your marriage? In many cases, one spouse handles the financial matters, and the other is happy to stay out of it. Now is the time to dig in and develop an accurate picture of what you have. You might be surprised by what you discover.

Now you have to collectively decide how to handle the assets. Do you split them? Sell them and split the proceeds? Or hire a lawyer and battle it out?

4. Take a look at all your insurance needs. You might need to get on your own medical insurance plan. What items do you still own that need to be insured? Your insurance costs might be much less now. There’s no reason to carry more insurance than you need. Streamlining your financial obligations and implying there possible should be the order of the day. Keeping things simple will allow you to heal financially and emotionally and end up standing even stronger on your own two feet.

5. Design a new budget. After divorce, your income and expenses will change, so it

only makes sense that your budget should change too. If you’ve gone from a two-income household to a single income, there’s likely less margin for error. Develop a budget that makes sense for your new post-divorce circumstances and be determined to stick to it. In my case, I got rid of some monthly payments, buy selling a truck I would no longer need, and I made room in my budget to invest in essential personal development courses, and aromatherapy, both of which I needed to get through this emotional devastating time.

6. Swap beneficiaries on your life insurance and retirement accounts. It’s quite

possible that your beneficiary was your spouse. With a divorce around the corner, you’ll probably want to list new beneficiaries. For most accounts, this is easily accomplished by filling out a simple form. This step is often overlooked, but it’s REALLY important. You need to make sure that in the event of your death, your assets go to those whom you want to have them.

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7. Secure a copy of your credit report. You’re about to embark on a new life and a

new reality, so it’s important to know where you stand financially. It’s just as important to be aware of all of your accounts. Your spouse may have opened a joint account or credit card without your knowledge. The better your credit, the easier it is to move through the world. Conversely, the worse your credit, the greater the financial obstacles and challenges that lie ahead.

I can tell you from personal experience that divorce is a difficult time for all. But a divorce can be ten times more difficult if financial matters are not handled intelligently. Focusing your attention on housing, debt, income, and good money management strategies, will make the transition easier. Doing this NOW could mean all the difference between financial peace of mind after the divorce or extreme financial stress post divorce.

These tips are intended to just highlight the basics. In many instances, an attorney and/or an accountant will be required. But understanding the basic issues will make it easier to make wise decisions. Apply these strategies to your circumstances and get the professional guidance you require. These tips are in no way meant to replace professional advice so make sure to consult with a lawyer and any other relevant professional. Your future financial health depends on it! Act NOW, to ensure financial peace of mind long after the divorce is final.

Please Share Your Thoughts

In the comments below, share with us:

1. Have you implemented any of these pre-divorce strategies? 2. If not, do you feel ready to take these steps for your post-divorce financial stability?

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