Divorce not only takes an emotional toll on the parties involved, but it can also have a devastating financial impact on them. It’s crucial to be aware of this if you’ve decided to end your marriage so that you can properly plan to get your finances back in order as quickly as possible. One of the first things you should do is consult with a divorce attorney to ensure you receive a fair settlement. This will be key in providing the foundation you need to smoothly transition into the next chapter of life. The following tips will help to protect your financial future. 

3 Steps You Can Take to Create a Financially Stable Life After Divorce

1. Update Your Records 

Disentangling your finances from those of your ex-spouse is critical. You will want to make sure all of your accounts are separated and records updated to reflect the most current details of your life. Divorce attorneys advise reviewing the contact information on banking and investment accounts, re-titling assets according to who owns them, and revising beneficiary designations. 

2. Build Your Credit 

A great deal of your financial life is affected by credit. Credit scores determine a person’s ability to rent or buy a new home, purchase a vehicle, and obtain credit cards and personal loans. You may need each of these things when starting over after a divorce, so it’s important to start building a credit profile independent of the one you had when you were married. Monitor your credit report closely for discrepancies, and begin obtaining new credit lines in your own name. 

3. Adjust Your Budget 

Getting divorced will likely decrease the amount of income you have to live on moving forward. This will require an adjustment to your budget and spending habits. Reaching your economic goals will only be possible if you’re living within your means. Establishing a budget according to your new income will allow you to see exactly where and how much you need to scale back to avoid incurring debt.

Taking these steps will prove beneficial in helping you adapt to life post-divorce without worrying about money. However, keep in mind that the divorce attorney you hire will play an integral role in setting you up for financial success. For more than 60 years, Gess Mattingly & Atchison, P.S.C. has been entrusted to preserve the rights of numerous residents throughout Lexington and central Kentucky as they navigate the difficult divorce process. The firm’s skilled divorce attorneys are committed to fighting for everything their clients deserve to get out of a settlement. Contact them at (859) 252-9000, or visit their website to learn more.