While your divorce may have cost you a significant amount in court costs and attorney fees, it doesn’t mean you are now financially doomed. The fact is, there are plenty of financial decisions you can make following your divorce that can help you save some of that hard-earned money and contribute to you becoming more financially stable now that you are single. Below we are sharing what these decisions are provided on behalf of USA Today and why you might want to consider them.
- Close joint credit card accounts. The first thing you will want to do is close any joint credit card accounts you have open. While it is common for spouses to both have their name on a credit account, now that you are separated, there is no need to share a credit card with your spouse. The fact is, your ex-spouse could still use the card to make purchases which then puts you liable for paying the bill if he/she chooses not to. Aside from that, if they make purchases on the credit card and don’t pay, it will harm your credit score and that is something you want to be building up right now.
- Open a checking account. If you shared a bank account with your ex-husband or wife, there is no need to keep that account open now. Not only do you not want them to have access to your funds, but now that you aren’t married, there is no need for them to know how much income you are bringing in.
- Start keeping track of your income and expenses. When you live in a household with two steady incomes, things tend to be a little easier to manage. However, now that it is back to one, you need to be cautious and careful with your spending, especially if you are paying alimony or child support. USA Today says there are several apps that can be downloaded directly to your smartphone that can help you with this. You can view a list of some by clicking here.
- Create a budget. With only one income now, not only do you need to keep track of how much is coming in and going out, but you also need to create a budget. A budget can help you save money and also allows you to plan for the future.
- Change your beneficiary on your life insurance policy or retirement accounts. If you have a 401(k) or took a life insurance policy out, you may want to revisit it and change the name you have listed as the beneficiary if it is your ex-spouse. The truth is, we do not know what the future holds so rather than risk having your policy go to him/her and not your children or another family member in the event something happens to you, take the time to change it before it’s too late.
Now, if you haven’t yet finalized your divorce, these tips should still be jotted down so that you can refer back to them when the time comes to implement them. In the meantime, if you haven’t yet hired a Baton Rouge, LA divorce attorney to assist with your case, contact Miller, Hampton & Hilgendorf today at 225-343-2205. Not only will our attorneys help you make the best possible decisions when it comes to certain divorce matters, but they will be there to support you and ensure your best interests are taken into account.
You can reach Miller, Hampton & Hilgendorf at:
3960 Government Street
Baton Rouge, LA 70806