A divorce brings big financial changes. Your marital assets and debts are divided by the divorce and you are likely left with fewer financial assets than you had during marriage. Taking the time to regroup can help you take charge of your new financial situation.
- Get organized. It is essential that you have a good understanding of exactly what you have and what you owe moving forward. Make a list or a spreadsheet, listing balances of all your bank accounts, investments, and retirement accounts. Then do the same for all of your debts. Make sure you have current balances and that you include all of your separate accounts as well as those that were marital accounts which you are now responsible for.
- Create a budget. To be able to live comfortably and without stress, you need to create a new budget, one that takes into account your total monthly income and your current total monthly expenses, with some padding for emergencies and unexpected expenses.
- Talk to a financial advisor. Gaining control of your finances today is important, but it is also necessary to think about the future and create a retirement plan. Sit down with a financial advisor who can help you save for the future. Your retirement goals may have changed, so it is important to rethink what you really want.
- Examine your insurance. You will likely be making changes to many of your insurances to remove your spouse or convert to a single account. While you are doing this, you should review things such as your auto insurance deductibles, homeowner’s or renter’s coverage, as well as your life insurance beneficiary.
DeTorres & DeGeorge handles divorce, post-decree modifications and family law in Far Hills, New Jersey and the surrounding areas. Make an appointment with one of our skilled attorneys by calling 908-284-6005.