How Your Finances Change After Divorce

Along with other lifestyle changes, you can expect big financial changes after a divorce. Instead of maintaining one household, you and your ex now have separate households, accounts, and debts.  To make the best of this new situation, take control of your finances after a divorce and be prepared for the new challenges you’ll face. Cut All Ties You shouldn’t have any joint accounts or assets with your spouse after a divorce. Get your name removed from the bank accounts or credit cards or close the accounts. Don’t forget about utility bills or car payments either. If you receive a portion of the marital debt, be prepared to pay it off as soon as possible. You’ll now have a credit rating that is completely separate from your former spouse, for better or worse. Also make sure you change the beneficiary designations on any life insurance policies or retirement accounts. While you’re at it, see if your estate plan needs an update as well. Know…

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