Protecting Your Financial Future After Divorce: 7 Ways To Do It
If you have just gone through or are going through a divorce, you know how difficult the process can be. Picking up the pieces and establishing yourself financially can also be challenging, but it’s important to start this process as soon as possible. These steps can help you protect your financial future after divorce.
Create a Budget
Your priorities, income, and expenses are likely to change, so you’ll need to create a new spending plan to reflect the situation. Determine how much money you expect to come in each month and balance that with your living expenses.
Re-Establish Financial Security
Make sure you have enough money set aside to cover living expenses for three to six months if there is an emergency. This becomes more important when you’re single since you no longer have a spouse to rely on if you lose your job or face a medical emergency.
Revise Beneficiary Designations and Will
Update the beneficiary on life insurance and retirement accounts because this doesn’t change automatically even if your former spouse waives rights to the benefits as part of the divorce settlement. The same goes for your will, so meet with lawyers in York PA to revise your will.
Invest Divided Assets
Talk to a financial adviser about adjusting your savings and retirement investments based on your assets alone.
Guard Your Credit
Protect your credit by asking for a credit report and freezing a home equity line of credit. You should also review any credit and debit card accounts to determine if you need to close accounts or change the authorized users.
Seek Professional Advice
Divorce is a complicated process so it’s best to seek help from FrancePaskey to navigate the legal and financial implications.
Make Sure Assets Transfer
Review the divorce documents and make sure the assets get distributed according to the settlement.
Going through a divorce is a difficult process, but working with an experienced attorney can help you navigate the complicated legal and financial decisions. The lawyers at FrancePaskey have the expertise to help you through the process.