5 Real Life Steps To Take Today
Much of the long-term financial planning we do when married is lost when go through a divorce. It’s important that we recover from the split by assessing our situation as singles and setting up new financial plans with a focus on longevity. Here are five simple steps to building your financial future after a divorce:
1. Start with a plan.
Take a look at your finances before the divorce and then subtract what you’ve lost to give you a good perspective on your fiscal situation. Be realistic with yourself and set a budget that you can easily manage with your new single status.
2. Check your credit.
Maintaining your credit is an important step in walking away from a divorce financially intact. Examine your credit reports and ensure that any name changes or card closures are accurate and taken care of.
3. Ensure your retirement.
Confirm that all of your retirement arrangements are intact and that any assets or funds you are entitled to have been taken care of. Division of savings and accounts should be paramount in your review.
4. Obtain the necessary insurance.
Examine your insurance policies and make sure that you and your property are still covered.
5. Review your taxes.
Understanding the tax ramifications of your divorce is a key part of planning for your financial future. Confirm that all tax responsibilities between you and your spouse are coordinated appropriately.
