After a divorce, your life is going to change drastically, including financially. It may seem scary, but luckily, divorce law firms are there to help. Here are some things you can do to get financially prepared for life after your divorce.
Open new accounts
You probably had several joint accounts with your spouse when you were married. That’s fine, but you can’t really live like that now that you’re divorced. Most divorce law firms will advise you to open new accounts. This means all your credit cards, bank accounts, utility accounts, and more, now need to be in your name only. Most divorce lawyers will tell you to open your new ones and make sure they’re up and running before you cancel your old ones.
Build up an emergency fund
Now that you’ve signed your divorce papers and you’re living on your own, you don’t have a double income anymore. So, it’s essential that you have a cash safety net. You should have at least six months worth of living expenses saved up in case of an emergency. So, if you lose your job, face a health crisis, or have to move for a new job, for example, you won’t have to worry about finances for a while.
Figure out you’re new budget
Again, you’re probably used to living as a two-person unit. You had two incomes supporting your family, and you had to spend money to support your family too. Now that you’re on your own, you won’t have to spend as much on groceries and other expenses, but you won’t be bringing as much home either. Reevaluate exactly what your new budget is so you can continue to save money for the future.
Keep saving for retirement
Speaking of saving money for the future, you need to still be doing that after your divorce help is over. You should still be investing in your 401K plan so you’re set when it comes to retirement. You can start investing small amounts if you’re just getting back in the swing of things and slowly build your way up.