If you are going through a divorce, your emotions may be consuming the entire process. While this is completely understandable, as you prepare for your new life, it is important not to forget your finances. As a married person, you may have handled expenses and money as a team with your former partner. However, as you enter the next portion of your life, you will have to pay particular attention to specific financial details on your own.
First, make sure that you examine your credit. You should begin to establish accounts and credit cards in your own name. With this, be sure to close joint accounts, which you formerly held with your ex. Until the closure of joint accounts is finalized, you may want to contact your creditors to ensure that your ex does not use the joint account. Remember: as long as you hold joint accounts, your ex partner’s spending can affect your credit rating.
Once your accounts are settled, take the time to create a budget. Not only will it help create great financial habits moving forward, but a calculated budget can also serve as a strong negotiating tool in the divorce settlement process. To do this, you might look at old bills and tax returns for the past couple of years. This will help give you an idea of what expenses can fit into the parameters of your new income as a single person.
Finally, do not handle your expenses alone. Many experienced professionals can help provide support and guidance. You want to make informed decisions moving forward. For example, a lawyer can help you in the settlement process, assisting with important financial and legal matters. You might also consider a therapist or support group. The emotional burdens of the process can be very overwhelming, too.
These are just a couple of points, which can help you transition into the future. Ultimately, it is extremely important to gain control. As you wade through new waters without a partner, you have to make sure that you do not drown. One way to do this is to get a solid grip on your finances. It also helps to have support.
If you need assistance with your legal issue, a qualified divorce attorney can help with the process. A lawyer can help you assess and address all relevant family law matters in your case. You deserve support by your side.
