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List: Posted: 12/10/10
Many individuals going through a divorce don’t understand how different post-divorce finances are from pre-divorce finances. You’re going to cut your income by half or more, most likely, but your expenses won’t be cut in a similar manner. For this reason, many people struggle with money after a divorce. Here are some finance tips to keep you on your feet during and after a divorce.
The number one thing you can do to protect your finances is to become financially independent while the divorce is taking place. Many couples operate on joint finances during the divorce, or at least leave some joint accounts open. This leaves you at risk for a spouse to run up debt that you will eventually have to pay. The best thing to do is to separate yourself from your soon to be ex-spouse on a financial level.
Another thing that people forget to do during a divorce is to make sure their credit is protected. Your credit score will be a key to a financially survivable life after divorce. Without a high score, it will be difficult to get a house, a car, or a personal loan. Check your joint credit reports with all three companies before the divorce, and again after the divorce is finalized. It’s key to make sure all accounts are closed. Your personal finances can be a wreck if your ex-spouse has access to your financial accounts.
Even if you’re going through a relatively friendly divorce, finances are always complicated. A good lawyer, and even a financial planner can help to make sure that your finances are protected.
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