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Understanding Your Financial Needs

 

After the divorce is final, expect your income and manner of living to change.  One of the first steps you should take is to educate yourself to be financially responsible.  Take a course, read a book, use the internet or ask a knowledgeable friend for help in understanding your finances. 

 

It is important you take inventory of assets and debts, including: 

 

·         Income

·         Maintenance

·         Child support

·         Investments

·         Insurance policies

·         Employee benefits

·         Medical insurance

·         Insurances policies

·         Retirements and 401k plans

·         Memberships

·         Items awarded during property settlement, including car and home

·         Taxes owed

·         Loans

·         Credit card balances

 

Once you have taken inventory, it is time to evaluate what you can afford to keep.  You will want create a realistic budget, preferably one that you will be able to adhere to.  It is also essential for you to check your credit.  If you do not have a credit history, you will want to establish one.  Credit cards and utilities in your name will help you to build your own credit history.  To improve your credit or to build a positive credit history make sure you pay attention to your bills.  Avoid high interest rate accounts and watch due dates to avoid paying late payment charges.  Be sure to change beneficiary information on insurance policies, pension plans and other essential paperwork.

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After Divorce Topics: (click on each for description)

 

Changing Your Name After Divorce

Get Involved

Friends and Family

Dating After Divorce

Dating and Children

Remarriage

Communicating with Your Ex

 

 

 

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