Posted on March 6, 2018
Post-divorce, you are not only starting a new chapter of your life, but you also may be moving into a new financial bracket. Of course, this time, you will get to call all the shots and make all the decisions.
To ensure you are going to be okay financially after your divorce, you and your soon-to-be ex should work closely with your attorneys to ensure you have a fair settlement. Things like division of assets, alimony payments and child support will all affect both of your financial futures.
Once those decisions have been made, work with your attorneys and set up a post-divorce plan that will cover when and how the settlement agreement will be carried out. For instance, the settlement might state that one spouse will get half of the savings account balance. A plan would be more specific, such as, “A cashier’s check in the amount of $15,000 will be submitted by 5:00 p.m on … .”
The plan can even detail what is to take place if one of the parties does not carry out his or her part of the plan. The other party’s attorney may file a contempt of court order. Of course, the plan must be included in the settlement agreement.
Post divorce, there are also some things that you can do to ensure your financial future stays healthy and maintained:
1. Keep an eye on your credit
Cancel any accounts or credit cards that are joint accounts with your ex. If you have no credit of your own, it is a good time to establish some.
2. Review your life insurance policies
Change your beneficiaries on any life insurance or other policies you might have that could be inherited.
3. Devise a spending plan and a budget
You may not be able to spend the way you did when you were a couple. Be mindful of what you have coming in and going out.
Source: Forbes, “A Checklist To Help You Manage Post-Divorce Finances,” Jeff Landers, Feb. 12, 2018