Top Tips to Manage Your Finances after Divorce
Managing finances after your divorce are finalized is a big step in your new life. Since you have already gone through your divorce process, you know finance matters can make you highly stressful. For many people, the major cause of Rory and tension is that they will be devoid of their second household income. Moreover, there is a requirement to tighten your purse strings so that you can deal with a financially trying time. There are some others who struggle a lot post their divorce since their former spouses always handled the finance part. Here are some top tips for handling your finances post divorce.
Take a detailed stock of financial inventory
You need to ensure that you are aware of the condition of your financial standing after the divorce. It is the right time now to seek out for superior deals on the existing financial products to improve your finances or discard any product that is not performing well in the market.
Have a proper track on your expenses
When you know what and where you are do ending your money, you are moving in the right direction to keep the finances under your control. You can use a spreadsheet like an Excel or could use your mobile phone’s note application to start keeping a tag on every item that you spend. This way you can one where your money is flowing where and how you may start saving more money.
Prioritization is important
It is not unusual to start panicking about your financial position after your divorce is through. You start feeling overwhelmed with too many new developments in your new life. So, begin with what is really vital i.e. ensuring that you have enough finances to keep your children sheltered, clothed and fed properly.
Prepare a realistic budget
When you prepare a realistic budget, it will serve as a guiding force so that you can sail through the time coercion that immediately follows after a divorce without facing financial difficulties. Apart from where your money is young as discussed before, you should have a proper tab on your earnings too. So, examine your earnings and expenses to prepare a practical budget.
Update documents and accounts
Post your divorce you need to ensure that all your financial products gave the correct names mentioned in them. Such documents include your credit cards, Frank accounts, title deeds, wills and insurance policies.
You should not hesitate or feel embarrassed if you need expert advice if it is about handling your finances after your divorce. In case you feel that you require financial, legal and tax advice, simply go ahead and get the necessary consultation. However, make sure that the expert you consult is registered with the appropriate bodies.
To learn more about the divorce process in California and how mediation can help, please visit our page, What is Divorce Mediation.
Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.
