You survived a nasty divorce. Now, it’s time to thrive, mentally, physically, emotionally and financially. Learn what moves you need to make to leave you best poised for success.
Work out a reasonable budget
People get themselves into financial distress by not balancing their incomes with their expenses. Realize that you might have to trim a lot of fat if you are going to be able to meet your financial commitments.
Revise your will and other documents
You certainly don’t want an ex to be in charge of your medical care if you are incapacitated or to be your heir or power of attorney. Review and update all of these estate planning documents after the divorced is finalized.
Update your beneficiary designations
Make sure that you change the beneficiaries on all of your retirement accounts and life insurance policies. Don’t forget those small policies that you may have gotten when you opened some credit card accounts. If you are at a loss who to name in lieu of your ex, list your favorite charity. Small groups can do a lot of good with even $1,000.
Sock away cash for a rainy day
Remember that you are now facing crises as a single person on one income. If a serious illness lays you low or you lose your job, you should have a minimum of three months’ savings to carry you through. Ideally, aim for six months.
Save for your retirement
Invest in your future by building up your 401K plan. Those employer contributions, combined with your own, can leave you with a solid little nest egg.
If all of this seems overwhelming right now, don’t get discouraged. Turn to a Columbus estate planning attorney for solid post-divorce financial strategies.
Source: The Huffington Post, “7 Steps To A Better Financial Future After Divorce,” Brittany Wong, accessed June 02, 2017