Divorce attorneys can attest that the financial ramifications of ending a marriage are inherently stressful. Even those with a stable income and a sizable savings account are inclined to worry about their security once everything has been finalized. If you follow a few simple tips, though, you’ll be able to regain your footing—and go on to thrive—in no time. 

3 Tips for Managing Your Finances After Divorce 

1. Start an Emergency Fund 

An emergency fund will serve as your safety net when unanticipated expenses arise once you’re on your own. Even if you can only afford to put aside $50 or $100 a month, it will add up over time. Getting into the habit of saving now will also make it easier to make larger contributions later, as your income increases.

You can put aside small windfalls, like tax returns, as well. Financial planners typically advise clients to keep adding to their emergency fund until they have at least six months’ worth of expenses saved up. 

2. Devise a New Budget 

Since your monthly obligations will inevitably change once you’re on your own, it’s wise to create a new budget. Accounting for the essentials, like housing, health insurance, food, and transportation, each month will ensure you live within your means after the divorce. This will prevent you from racking up debt so you can reach both short- and long-term financial goals faster.

3. Update All Relevant Accounts 

Your attorney can provide a list of accounts that you should modify once everything has been finalized. In addition to closing joint accounts, for example, you may have to update the beneficiaries on any life insurance policies and pension accounts. Depending on the circumstances, it may also be advisable to open new accounts. For example, you may want to take out disability insurance for added protection, and, of course, you’ll want to open new bank accounts that are solely in your name. 

Castles Family Law understands the financial stress that comes with ending a marriage, which is why she fights tirelessly to help clients secure the most favorable terms possible. Located in Brentwood, TN, Ms. Castle and her practice focus solely on family law, which means they’re well-versed in everything from child custody to grandparents’ rights. To request a consultation with a seasoned family law attorney, call (615) 804-6086 or reach through the website.