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Financial steps you should take after a divorce

Going through a divorce is no easy process and what comes next might not be any less stressful. Your life after divorce will probably be significantly different, particularly in the financial department. Fortunately, there are steps you can take to make this part of your life easier. Planning and organization can help you immeasurably.

What actions can you take to help set yourself up for success in this new chapter of your life?

Make updates

A good first step is to update your accounts and finances. Chances are your ex spouse is listed on many of your accounts. You will want to make sure your credit cards, bank accounts, 401k and retirement accounts and estate plan are changed so your spouse does not still have control over your accounts and finances.

Check your status

Being aware of your situation is another step you will want to take, as soon as possible. If you were not involved in your finances previously, you should gather information so you are aware of what your status is. Get copies of your credit card bills, mortgage and credit score can help you evaluate what your situation is right now. This can help you plan for the future. If you are going to receive spousal support, make sure you know how you are receiving your funds. Setting up an automatic transfer can help ensure you get what you are entitled to.

Do some research

Now that you are aware of your current status, you may want to do some research to figure out what moves you might want to make in the future. You may need to look into health insurance options, opening new lines of credit and other new avenues. Doing the proper research into these plans and accounts can help you make sure you get the best coverage and the best deals, in order to set up your future.

Create a plan

Planning and staying organized is another smart step to take after a divorce. Like mentioned above, your situation is probably different now than it was when you were married. After you evaluated your financial status, it can help to plan and create a budget for your new life, based on your circumstances and situation.

Life after divorce can be difficult to figure out, but it is certainly not impossible, especially if you take the steps mentioned above. Planning ahead can help you figure out your future and start fresh.

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