Divorce can be devastating for some emotionally and financially. For those who were not in charge of the finances when married, divorce can be downright frightening. You are literally having to start from scratch. If you have recently gotten divorced, here’s how you can find financial stability in Ohio.
One of the first steps you must take is to adjust your budget to match your new lifestyle. No longer are there two incomes coming in each month. You need to make sure you have enough money each month for necessities and to put away. Then you can determine if there’s enough for entertainment. This includes updating your spending. Don’t make any major purchases until you are comfortable with your finances.
Make it a priority to save for retirement in divorce. Saving should never be put on the backburner, even in divorce. Your saving plan will need to be updated once the divorce becomes final. Do not end your saving plan if you get divorced close to retirement. Every penny counts.
If you divorced at an early age, make sure you consider your children. You will need to plan for major financial milestones in their lives, such as paying for a wedding, college, a car and even helping them make a down payment on a house. This can be aided with spousal support or child support payments from your former spouse.
A divorce will force you to update your insurance. You must be protected in divorce. All of your insurance policies you had with your now former spouse will be void. You will need to acquire a new life insurance policy, auto insurance, homeowner’s or renter’s insurance as well as health insurance.
Never navigate divorce on your own. You should have an attorney, financial planner and tax professional by your side to guide you through everything.
Are you divorced? If so, an experienced family law attorney in Columbus, Ohio, can answer all of your questions regarding finances and post-divorce estate planning.
Source: Statesville Record & Landmark, “SHERI BISTREICH COLUMN: Finding financial stability after divorce,” Sheri Bistreich, May 06, 2017