Just because your marriage went down the drain, doesn’t mean your money has to follow.
The emotional burden of a divorce can be overwhelming. Now add to that the financial adjustments you have to go through and it becomes frightening. But don’t fret, there are certain steps you can take to get your “Divorce and Money” transition heading in a positive direction.
- Assess what worked and what didn’t work. Here’s a chance for a clean slate. But keep in mind you don’t have to fix it if it isn’t broke.
- Gather up all of your important documents. Record keeping is vital. Now you can create a new income and expense statement. New circumstances will probably mean a different income to expense ratio.
- Make a list of financial tasks. It’s good to have help with your finances, but first make sure you understand it yourself.
- Clean up your credit. Get copies of your financial reports, and if there are any mistakes write a letter of explanation to the reporting agency. It can’t hurt.
- Re-title your property. If you’re divorced, property was probably distributed either by agreement or by the court. In any case, it needs to be clear who now owns the house, assets, and whatever else.
Going through divorce is never easy; don’t let the financial issues make it worse. Hang in there, you’ll find the light at the end of the tunnel.