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Preparing your finances for post-divorce life

Going through a divorce is stressful, but you might be even more worried about what your life will be like after your divorce is over. From thinking about your finances, to navigating your social life, divorce will certainly have an impact on many parts of your life. Living without your spouse will be different, but it does not have to be difficult.

Figuring out your financial situation might be the most complicated part of your post-divorce life, but there are steps you can take ahead of time to make it easier for you in the long run.

Your accounts

A good first step is to separate your accounts. When you get divorced you do not want your credit card or bank accounts to still be connected to your ex. You should open up your own checking and savings accounts as well as your own credit card.

Establishing credit in your own name is important and will help you begin your life.

Your assets

There are also certain assets that you will need to change after your divorce. You may want to consider selling the home you shared with your ex, so you can evenly divide it. Alternatively, if you decide that you will get ownership of your home be sure to refinance your mortgage so it is in your name. You should also consider dividing your retirement plan.

If you have a will or estate plan you should update it so your ex will no longer be a beneficiary or have any types of power. Insurance policies, pensions and trusts should also be considered so they no longer list your ex.

Your life

Finally, you should begin planning for your divorce financially in other terms. Your circumstances will change after a divorce and your spending patterns should follow suit. You may want to devise a spending plan so you can be sure you are still living within your new means. Consulting a financial adviser may be appropriate or other professionals who can help you navigate your new financial situation.

Your divorce will be emotional but it does not have to significantly hinder all aspects of your life. Taking these steps in advance can make your life post-divorce much easier. You can also consult your attorney for help during this process.

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