Tips for Managing Your Finances After Divorce

Divorce can be stressful and emotional for all parties involved. Not only does divorce leave your feelings hurt, but also your finances. Even after the litigation process, there are still things that must be done to start the next chapter of your life on the right foot.

The following are some helpful tips for managing your finances after a divorce:

  • Contact your insurance broker. Revisit your insurance broker and update your liability coverage. Inspect your list of assets on your homeowner's policy and eliminate the things your ex-spouse received and what was sold as part of the divorce. There is no need to pay insurance premiums for assets you don't own.
  • Re-title your assets. If you and your ex-spouse had jointly owned assets and specific assets were retained or received by you in the divorce settlement, you may need to re-title them. For example, if you owned an automobile with your ex-spouse, you will want to re-title it in your own name.
  • Apply for a new credit card. If divorce significantly hurt your finances so that you lack sufficient funds to cover your important bills, a credit card can provide funds while you regain your financial independence. It may also make sense to apply for new credit cards prior to canceling joint accounts, such as savings and investment accounts.
  • Sell some of your valuable possessions. This helps you move on and secure your financial independence at the same time. For example, jewelry that brings bad memories may be sold.
  • Understand your investments. If your ex-spouse handled the investing, it is time to get familiar with your investments to see if they are still prudent and beneficial for your financial future. You can have the power of knowing which investments to sell or which to keep.
  • Move to a more affordable home. Moving from a family home is often a challenging and emotional decision. However, if you cannot afford to pay for a house with your own income, moving to a less expensive home or renting can help you save money.

For more helpful tips about divorce, or if you are interested in experienced legal representation from our New Orleans divorce lawyers, contact Lowe Stein, LLC, today.

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