Getting On Your Financial Feet After Divorce
The finances of divorce can be stressful and confusing. The financial decisions you make before, during and soon after your divorce can have a significant impact on your financial health for years to come. Take some time now to make sound decisions regarding your income, budget, estate plan and other financial choices — so you can move past your divorce on sturdy financial feet.
A good attorney can set you started
You might be tempted to save money in your divorce proceedings by filing without an attorney. While this is probably a viable alternative if you and your spouse have no children, no shared assets and an airtight premarital agreement, it is not a good idea for anyone else. Even if you both agree to pursue mediation to reach an agreement, it is important to have your own representation, as well. Investing in a skilled and experienced lawyer now can save you a great deal of financial head- and heart-ache later on.
Other important financial decisions
Here are some steps you can take now to strengthen your financial position:
- Focus on income: If you have not been working outside the home, now is good time to start. Establishing your own income is your first and most important step to financial independence.
- Anticipate retirement: If your job does not offer benefits, start your own retirement account.
- Open a bank account: Direct your salary into your own account and begin to accumulate a savings.
- Establish a credit line: If you already have a joint credit card, you can have one issued in your own name. When you and your partner agree on division of debts, you can transfer your share of the balance to your own card.
- Make a budget: You are required to produce a list of household and regular expenses for your divorce process. While doing so, create a budget for your post-divorce family.
- Review your estate plan: Everyone needs a valid and updated will, especially if you are getting divorced. Meet with your attorney or financial planner to review the necessary changes your estate plan might require.
Standing on financially solid ground as you approach your divorce has the added benefit of enhancing your self-esteem and sense of worth. South Florida divorce attorneySandra Bonfiglio, P. A. can help you secure your financial future with a fair and equitable divorce settlement.