Four Tips to Gain Financial Independence After Divorce

If you are going through or planning to divorce a spouse you depend on financially, then you likely are wondering what steps you need to take to secure financial independence after your divorce is finalized. Below, we explain some of the ways to support yourself and take control of your finances.

Establish a Budget

Create a realistic budget to help you manage your finances as you navigate divorce proceedings. Start by making a list of all your expenses to determine where all of your money will need to go. Although your budget might change as the divorce process proceeds, you should plan for permanent expenses like housing, food, and childcare.

Adjust Your Accounts

After the divorce has been finalized, you can make changes to any accounts that remain in your name. A divorce is a qualifying event for health insurance, so you might want to remove your ex-spouse from your policy. Review the beneficiary designations on your insurance and retirement accounts and verify that any changes you request are processed.

Generate Income

Look for ways to add money to your wallet. Whether it’s finding a part-time job or selling assets you were awarded in the divorce, every single dollar that you put towards building your new life can help you gain a positive mindset about your financial situation.

Build Your Credit

If you used to rely on your ex-spouse’s credit to get by, then you need to rebuild your credit so you can purchase a vehicle or find a new place to live. Pay off delinquent accounts or request to have your account balances reduced. You can also build a positive credit history by making small purchases that you can afford to immediately pay off.

Do you need to speak to an attorney who can guide you through complicated divorce proceedings? Please call us today at (727) 245-9009 to request a consultation.