After a divorce, you may need to work with your finances. While your settlement determines much about which assets you get, you may find that you have to adjust your lifestyle to suit your income and changes in your assets.
One of the first things you should do is look at your household budget. Regular bills, like alimony, child support, house payments and utility bills need to be accounted for each month. These are the first items to put in your budget. After that, you can account for other things, like going on vacation or getting groceries.
Now that your divorce is over, it’s important to make sure every asset is in your name. Sometimes, shared assets are split, so it’s wise to double check and make sure the other person does not still share ownership of the asset. If you kept the home in your divorce, you may need to refinance it and get a new loan to get your ex-spouse’s name off the documents.
Remember to cancel and joint credit cards or expenses, so you can open them back up in your name. The last thing you ever want to see is that your ex has piled on more debt in your name. Even if the decree states that your ex needs to pay the debt off, it’s a good idea to get your name removed. If not, your credit could be affected if he or she misses a payment.
These are just a few things to consider after your divorce is finalized. Your attorney can help you understand which assets need to be altered or updated accordingly.
Source: WGRZ, “9 things you should do after a divorce to save your finances,” Janet Berry-Johnson, Jan. 19, 2017