Menu
Home
Advertise
Forums
Search forums
What's new
Unread posts
Latest activity
Earn Money
Money apps
Passive Income
Paid Survey
Forex
Stock
Real estate
Paid to write
Social Media Monetization
Review Website/Apps
Crytocurrency
Bitcoin (BTC)
Ethereum (ETH)
Crypto Exchange
Mining
Crypto Faucet / Airdrops
Binance
Business
Business strategy
Funding a business
Marketing
Digital Marketing
Social media marketing
Email marketing
Brand management
Personal Finance
Money Saving
Retirement
Personal loan
Savings for Students
Debt help
Tax relief
Insurance
Car Insurance
Life Insurance
Liability Insurance
Home Insurance
Health Insurance
Disability Insurance
FAQ
Log in
Register
What's new
Search
Search
Search titles only
By:
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Money Making Forums
Personal Finance Forums
Taking These Financial Steps Could Help Post-Divorce Recovery
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
[QUOTE="Yusra3, post: 330492, member: 31907"] Finalizing a divorce brings enormous relief but also many financial unknowns. During this transition, taking key actions around money can help stabilize your new situation and set you up for future security. Consider these steps: [B]Update Beneficiaries [/B] One of the most important post-divorce financial moves is updating beneficiaries on retirement accounts, insurance policies and other assets to remove your ex-spouse if applicable and ensure funds are distributed as you intend. [B]Open New Accounts[/B] Splitting finances requires opening separate accounts in your name only including checking, savings, credit cards, investment accounts and more. Make sure monthly income and bills are routed properly. Close joint accounts and credit cards. [B]Examine Debts[/B] Look at all debts accrued during marriage and determine in the divorce decree who is responsible for repayment. Refinance jointly held debts like the mortgage or auto loan in one spouse's name. Understand implications. [B]Review Budget Needs[/B] Project your monthly expenses now that households are separate. Budget reflects your changed financial reality. Account for loss of economies of scale. Model different scenarios to find the right balance. [B]Revisit Savings Goals [/B] With one income, you may need to reassess timelines for goals like retirement, college, home purchase etc. Crunch the new numbers to shift priorities if needed. Additional savings may be required. [B]Check Credit Reports [/B] Order credit reports to check for any inaccuracies like joint accounts not closed. Dispute errors. Also consider freezing credit when separating to avoid identity theft. [B]Consult a Professional[/B] Enlist help from a fee-only certified financial planner to walk through changes needed for budgeting, debt, taxes, investments and insurance to set you on the strongest road ahead. While divorce brings many emotional challenges, taking proactive financial steps helps alleviate money stressors and empower a fresh start. Be strategic, patient and seek knowledge - your new financial path will take shape. [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Money Making Forums
Personal Finance Forums
Taking These Financial Steps Could Help Post-Divorce Recovery
Top