What Do I Need to Do to Prepare My Finances for Life After Divorce?

 Posted on November 09, 2020 in Divorce

When you are in the midst of a divorce, it can start to feel overwhelming, like there is no end in sight. Divorce negotiations can be unpredictable, leaving you with much to wonder about, including what your life will be like after your divorce is over. There are so many questions that you likely have on your mind -- where you will be living, if you have to sell your home, and whether or not you will have enough income to support yourself and your children if you are a parent. Regardless if you are a stay-at-home parent or you work outside of the home, many people have financial worries when they go to get a divorce. 

Financial Considerations

The best way to ensure you are in good financial standing after your divorce is to take the proper steps to protect your financial health during your divorce. Here are a few ways you can be proactive in preparing your finances for post-divorce life:

• Cancel your joint bank accounts. Many married couples have entangled finances such as joint checking and savings accounts. If you have joint bank accounts with your spouse, you should close them as soon as possible and reopen new bank accounts in your name only.

• Check your credit score. You will want to know where you are starting out with your credit score before your divorce is finalized, so pulling your credit report will give you a full rundown of everything. Many things that you need to do after a divorce, such as purchasing or renting a house or a vehicle, require good credit, so it is important you know what yours is.

• Update your budget. For many people, life after divorce is a big adjustment period because their standard of living is much different than the lifestyle they were used to when they were married. In some cases, you may need to take a look at your monthly income and spending habits, and update your budget to make sure you are in good shape moving forward.

Contact a Naperville Divorce Attorney Today

Even though getting a divorce is the end of a chapter of your life, it is important that you stay focused on the positive aspects of your divorce. From now on, you will be solely responsible for your financial well-being, which can be both scary and exciting. At the Law Office of Ronald L. Hendrix, P.C., we can help you form a financial plan that meets all of your needs. Our knowledgeable DuPage County divorce lawyers will work closely with you to understand your needs and goals and to answer any questions you may have throughout the process. We offer free consultations; to schedule one, call our office today at 630-355-7776.

Sources:

https://www.forbes.com/sites/jefflanders/2018/02/12/a-checklist-to-help-you-manage-post-divorce-finances/?sh=12c943c66bb3

https://www.forbes.com/sites/greatspeculations/2014/09/15/finances-for-the-newly-divorced-made-easy/?sh=25e1782c7b64