Seven Tips to Financial Independence After Divorce

A primary task at hand in the aftermath of a divorce most people is to maintain or regain financial independence. Understanding this reality, there are seven tips to financial independence after divorce:

• Reevaluate your financial goals
• Reevaluate your life insurance
• Craft a realistic budget
• Consider engaging services of financial planner
• Consider your employment options
• Make sure joint accounts are eliminated
• Evaluate your credit score

Reevaluate Your Financial Goals

The first tip to bear in mind when it comes to financial independence after divorce is the necessity to reevaluate your financial needs, goals, and objectives. The reality is that a person’s current financial status is nearly always altered by a divorce. Moreover, resources available for a person’s financial future may be altered as a result of a divorce. This all warrants a serious reevaluation of where you would like to be financially going forward into the future. You need to reevaluate what you can and cannot do to reach these revamped future objectives.

Reevaluate Your Life Insurance

Following a divorce, you will want to review your live insurance. You need to consider whether or not the coverage you have in place is appropriate to your new circumstances. For example, if you have children, you need to make certain that there is sufficient insurance to cover their needs if you were no longer here to care for them. (Ideally, there is coordination with the other parent in this regard.)

Craft Realistic Budget

Budgeting during and at the conclusion of a divorce case is important. You need to create a reasonable, realistic budget that is both comprehensive and relatively detailed. Establishing a financial roadmap of this nature is a key to progressing towards true financial stability following the end of your marriage. In the absence of such a budget, you really do end up operating blindly. You can end up facing financial problems that could have been avoided via proper budgeting in the first instance.

Consider Engaging Services of Financial Planner

You don’t have to go it alone when it comes to addressing financial issues after your marriage ends. Consider retaining the professional services of a reputable financial planner to aid you in rebuilding your economic strategies following a divorce.

Consider Your Employment Options

Financial independence after divorce may demand that you consider your employment opportunities, including the prospect of moving into a new job setting or career. In the final analysis, you may need to move to a different position of employment that offers more in the way of compensation and benefits to restore a sense of balance and forward movement to your financial life.

Make Sure Joint Accounts are Eliminated

Another tip to consider when it comes to financial independence after divorce is to make sure any accounts held jointly with your former spouse are closes or eliminated. In fact, account separation is something that is best undertaken as soon as possible during divorce proceedings. There can be situations in which disputes arise regarding addressing joint accounts. With that said, such a matter can be addressed by the court when an agreement cannot be reached if necessary.

Evaluate Your Credit Score

If you are like many people, you may not pay much attention to your credit score on a regular and recurring basis. Oftentimes, in the aftermath of a divorce, a party to a marriage dissolution case will experience a credit score change. In a good number of instances, a person’s credit score moves downward (at least somewhat) following a divorce. To ensure financial independence and health following a divorce, you will want to evaluate your credit score. You will want to ascertain what can be done to improve the rating if it is not at a level that is suitable to your needs, goals, and objectives.

Financial issues associated with a New Jersey marriage dissolution case and are challenging to resolve. This is one of the reasons why retaining the professional services of a skilled, experienced attorney from the legal team at the Law Offices of Peter Van Aulen is an advisable move. You can reach the firm by calling 201-845-7400.

---