Once your divorce is finalized, it is time for you to start over—in more ways than one. Financially, you are on your own for what is likely the first time in years, which means you need to revisit the financial planning strategies you use and reassess your financial picture.
Below are a few tips for post-divorce financial planning that will help set you up for a stable future:
Conduct a thorough review
Take a close look at all your financial information, including income and expenses. Pay close attention to where your money is going each month and where you can afford to scale back. You should also review your assets, your tax situation, your credit and bank statements, your credit score and the state of any loans and other debts you currently have.
If you have children, make sure you can are also planning ahead for their ever-changing needs such as driving, school expenses, braces, etc. Is the other parent obligated to help with these expenses, or will they be solely your responsibility?
Think about the future of your career
If you have been a stay-at-home parent, you will need to get back into the workforce, which could be a daunting task if you have been home for a while or if you need additional education or training to find gainful employment.
How much training will you need? Will you need a degree for the job you’re seeking? What type of costs are associated with tuition and books? All these questions will influence your financial planning.