On behalf of The Law Office of Wickersham and Bowers posted in Family Law on Monday March 7th, 2022.
What happens after a divorce? The proceedings have likely left you depleted of your energy and feeling stressed. You should be aware, however, that divorce can be a significant first step toward a new chapter in your life.
Let’s look at three primary areas where you should concentrate your efforts.
Break Ties With Your Ex
Marriage entangles your lives in many ways, and after a divorce, you need to go about extracting yours from theirs. It will likely mean new bank accounts, separate insurance accounts, and splitting any money you have in savings or retirement accounts.
You may also be changing your name, which means updating all of your financial accounts and maybe even your social media. You may be closing joint streaming services and updating emergency contacts.
If you have children, school and daycare will need updated contact information. Wills will need to be changed, and beneficiaries updated as well.
Get Your Finances in Order
You may use the new start of a divorce to get your spending under control, start saving, improve your income, and achieve your financial objectives if you have a proper financial plan in place.
It is very likely that you were previously living with two incomes, and your financial circumstances have drastically changed. Take the following steps to ensure that you can maintain an appropriate lifestyle:
- Make a new monthly budget
- Track your new net worth
- Eliminate expenses as necessary
- Build up your emergency fund
- Plan to pay off debt
- Set new financial goals
- If necessary, rebuild credit
- Plan for your retirement
Resolve Any Legal Issues
As part of your divorce, you may have put in place provisions for spousal support and child custody agreements. If not, you will need to do that right away.
There are plenty of details to co-parenting that will need to be worked out, such as visitation, where the kids will spend the holidays, and maybe even what religion they will be raised in. If things are amicable, you may be able to work these details out on your own, but an attorney should be involved if compromises can’t be reached.