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Tuesday, 20 January 2015

Financial Control for Divorced

Women / Men entering in to the process of marital separation or divorce face the daunting challenge of rebuilding a life that was once shared with their spouse. Besides emotional devastation, splitting up can cause significant financial stress as possessions are divided and each partner is left to piece together his or her own financial plan.

If you find yourself suddenly single, you can can consider these tips to get your journey to independence off on the right foot and as soon as possible:-

  • Assess Current Financial Situation: Gather investment and bank statements, tax papers, credit card bills, insurance policies and other documents to get a clear picture of assets and liabilities. After finding a net worth, begin tracking daily expenses.

    Next step is, writing down the expenses on utility bills, transportation, groceries and other expenditure. Calculating monthly averages will help to create a budget that reflects the new dynamics of household. If spending exceeds the amount money taken each month, identifying areas where expenses can be reduced is ideal.

  • Updating Financial Accounts: Be sure to close jointly held savings accounts, credit cards and other accounts on which there are co-owners. Also, take the time to re-evaluate policies and confirm that there is adequate coverage for both separately. Nothing can derail financial security faster than an uninsured accident or illness.
    Creating a will or revisiting existing one will make sure the divorced's children / dependents are taken care of.

  • Take emotion out of financial decisions: After separation, sadness, anger and even relief may all be natural and healthy part of moving on, but can also cloud the judgement. It is better not to make choices based on how you are feeling on a particular day if it is not the right move over the long haul.

  • Plan for Your Future: As you embark on your journey as a newly independent woman, now more than eer it is vital to take control of your financial future. Meeting a qualified professional and creating a written plan based on your unique portfolio, risk tolerance and time horizon can help you stay on track to achieve your goals and retire with confidence.