It’s not a topic that anyone wants to talk about. Just hearing the word conjures stress and anxiety. However, it does happen. People get divorced. Ignoring the impending separation is not going to do you any favors. The cold hard truth: You have a lot of work to do to make sure you make it to the other side financially.
Get your own account.
Remove all connections between you and your spouse. Most couples have joint accounts. If that’s the case, your spouse will have all of that information handy. It’s going to be much easier to set up your own account than to remove a significant other from a joint.
Start Building a Plan
You may be entitled to child support or alimony but DON’T count on it. The safest bet is to budget out of your income and your income alone. Begin building your budget for everyday, living expenses but don’t forget to include legal fees and other costs of the divorce. Meet with a financial advisor to get everything squared away. They will be especially helpful if your spouse handled all the finances before the divorce.
Safeguard your Credit
There will be plenty of financial accounts and debts held jointly by you and your spouse. Take inventory of every single account that was held by either of you. This includes utilities. If he or she has been making late payments, you will have a hard time getting your name removed from that account. You also want to take a look at the beneficiaries on each account. The last thing you want is to be saddled with your ex’s debt and financial woes once the separation is final.
It may seem like a lot but in the end, you gain financial independence. If you compromised your financial goals for the sake of your spouse, here is your chance to reach them! Don’t be afraid to seek help along the way. We offer free consultations with our financial experts. Let us guide you back in the right direction!
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