Going through a divorce can be a stressful, emotional process. Some people lose sight of managing their finances because the divorce seems to be all-consuming. Here are some smart money moves you should consider while going through a divorce.
Change Your Will
Your will doesn't change just because you are getting divorced. If you don't amend your will, your spouse may be entitled to your estate. Talk to your divorce attorney about making the appropriate changes to the document. Your attorney can advise you about items that may not be yours to give as a result of the divorce settlement. Making sure your will is accurate can prevent probate issues for your family once you are gone.
Remove Your Spouse From Your Credit Cards
If your spouse is an authorized user on credit card accounts in your name, you should call your credit card company to rectify this situation. It will prevent your spouse from being able to run up the debt that is in your name, making it easier to have access to the credit you need to get back on your feet after the divorce is finalized.
Open Bank Accounts In Your Name
You'll need to have your own individual bank accounts after the divorce is finalized, so consider doing this right away to get used to managing your money on your own. If you are employed, take this opportunity to begin building your savings so that you have some cushion once the process is over. Remember, even if you get a decent settlement, you will still be bringing home a portion of what you did as a couple. Having extra money in your account will help you to adjust to life with a little less income flowing in.
Make A Budget
You may be faced with new expenses as a single person. Make a list of the monthly bills you expect to be responsible for so you can get a clear picture of how much you need to make every month to meet your monthly obligations. A few things you might have to pay for that you didn't before include:
- Health insurance
- Car payment
- Car Insurance
- Life insurance
Your divorce attorney may be able to include at least a portion of the cost for some bills in your divorce settlement. Provide this list of expenses and your projected budget to your attorney so it can be used during the divorce proceedings.
Divorce can be difficult, but if you make these smart money moves, you may find that the process won't be quite as hard.
For professional legal help, contact a law firm such as Kalamarides & Lambert.