pro finance blog
Menu
  • About Me
  • Hire Me
  • Contact Me
  • Submit a Guest Post
    • Privacy Policy
    • Disclaimer
Menu
Manage Your Own Money Again After a Divorce

Tips for Starting to Manage Your Own Money Again After a Divorce

Posted on September 25, 2019September 17, 2022 by Tina Roth

A high net worth divorce is a difficult time, no matter what the circumstances, and getting used to life outside of a married couple brings with it a lot of things that can seem very challenging at first. One of these can be making sure that you are set up to manage your own money, if you had previously been sharing financial responsibilities and resources with your spouse. This article will focus on what you can do in terms of the finances you know you will have sole responsibility for moving forward.

Manage Your Own Money Again After a Divorce

First, Find a Good Lawyer

The issue of dividing up your assets will be a matter for your divorce lawyers to negotiate, and you may not know immediately which assets you will be leaving the marriage with. It is a good idea to talk to a divorce lawyer such as charlestonlaw.net as early as possible in the process so that you can have an idea of what to expect, and also to understand the costs involved in your divorce. These things vary so much between different divorce scenarios, so you cannot afford to simply make estimations. Consequently, getting the Divorce process explained to you by a legal expert is almost always best before making any major decisions about how to proceed.

Get a Bank Account That Suits You

If you were previously using a joint account, or if the account you had didn’t have all of the features you would like as someone with sole responsibility for their own income and outgoings, then it is a good idea to shop for a new bank account that suits your new needs. This can also apply to credit cards. You may need new credit cards in your own name, and to transfer over debt from other cards or loans. Taking a day to really look into the financial products available to you can give you the assurance that you are choosing the options that will make your life easiest and any outstanding debt most manageable moving forward.

Insurance

Now is also a good time to review and make changes to all of the insurance policies you hold. You may find that you can reduce your insurance outgoings quite significantly by looking at what your needs are now compared with when you were married. As an example, if you don’t have children, you may decide you can forgo life insurance altogether for the time being, as you no longer have to worry about a spouse’s financial position if you pass away. You may also be able to reduce your home insurance costs if you are moving to a different property, and have less contents to insure as you won’t have to list all of your former partner’s valuables. However, you may need to invest in some different forms of insurance – for instance, if you previously were both insured on the same car, you’ll now need a different car insurance policy.

Budgeting

One of the harder things to do is to figure out how your new lifestyle will look with only your own income. This is something that will become a lot clearer if you make a budget, and can also be a way to realistically judge whether you’re making enough money to support yourself, or whether you need to consider changing jobs. There are some great free apps for Android and iOS that can help you figure out your budget as a single person and make sense of it all.

These are the first things you should be doing as a priority while you are going through the early stages of your divorce. They can help you plan for your future, and give you a sense of control over the situation.

Category: Money Saving Tips

Leave a Reply Cancel reply

You must be logged in to post a comment.

About Me

finance blogger

The idea of starting a blog has been hitting me for long; I took it seriously after falling into a spiral of debt and recovering from it.

I have been anxious all through the financial difficulties. I see that same anxiety in the eyes of people, whose ill fate has put them at odd with financial repose.

It makes me compassionate. Out of this compassion and goodwill, I started this blog. I wanted to help all those, who are facing financial distress..




  • Stock Market
    Understanding the Gov Tech MarketFebruary 16, 2023
  • Phuket Real Estate
    Why You Should Invest in Phuket Real EstateJanuary 24, 2023
  • Corporate Governance
    Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?December 17, 2022
  • Successful Retirement
    How To Plan For Successful Retirement At 50: 5 Steps To Get Started OnNovember 4, 2022
  • Online Money Transfer
    Do You Still Transfer Money Internationally With Your Bank? There Are Better Online Solutions For ThatOctober 14, 2022
  • finance
    Important Roles of the Minister of FinanceSeptember 16, 2022
  • Avoid for New Businesses
    5 Forecasting Faux Pas to Avoid for New BusinessesSeptember 16, 2022
  • Affecting Pensions
    How Inflation Is Affecting PensionsSeptember 2, 2022

    ProFinance Blog is dedicated to help people who are struggling with their personal finances. We have learned the lessons first hand and know how real the struggle is. Being compassionate about the personal finances and blogging about is our way to help people know more about different situations and how effectively they can handle it. So take control of your finances now and take actions towards gaining financial freedom and security. Join us in the mission to self-educate, learn and help others by sharing valuable information on finances. Here you will find information, tools and techniques on various aspects of finances and learn how you can use the information and implement it to make your financial life better than ever.Join us in our mission to financial freedom.

    • Stock Market
      Understanding the Gov Tech Market
    • Phuket Real Estate
      Why You Should Invest in Phuket Real Estate
    • Corporate Governance
      Corporate Governance: What Are the 3 Core Principles of Good Corporate Governance?
    © 2023 ProFinance Blog | Powered by Minimalist Blog WordPress Theme