How to handle your finance after divorce - 600 Words

How to handle your finance after divorce Divorce is a complex and heartbreaking episode in anyones lives. You would not want to add in to your burden with monetary issues.This turn out to be a greater disaster if you were always being dependent on your partner or have money crunch. You can no longer afford to rely on anyone else other than yourself. So, gear up and get your act straight. We know it is difficult and at the same time important to start handling financial responsibility. Here are a few steps to help you to take the first step. Who owns the home In case the home is owned by your ex-spouse sole name, then you might want to consider registering for a share using a matrimonial home rights notice or a restriction†¦show more content†¦You can also review any wills, complex decisions and other legal documents that consisted of your ex as a beneficiary or legal partner. Do you have Credit? It is time to review all your debt and plan out a strategy to clear it off. The most helpful tip is to start with the highest interest rate debts first. This doesnt mean you liquidate your entire assets to restore your credit. A bird in basket is better than two in the bush. So, you know you have cash in the bank or safe in case of any emergency or money crunch to survive on. Start saving It will be a bit difficult in the beginning to save with just one income. But you need to prioritize and give yourself the time and attention required. If you detest taking risks then you can look at the combination of fixed income, equities, cash or other such kind of investments. Keep a tab on your portfolio on a regular basis and make adjustments according to your risk tolerance capacity. Have a financial schedule Always keep a tab on your cash flow. You should know how much you are earning and how much you are spending. Keep downloading your credit card and bank account statements to scrutinize. Sometimes we tend to overlook the expenses and then it hit us hard. Maintain your own personal balance sheet listing what you have and what you owe. Review these information annually to find out if you are heading towards your goal. If not, you will know where you are going wrong and can re-work in those areas.Show MoreRelatedWhy Divorce Is Not Be So Permanent? Divorce1590 Words   |  7 Pagespermanent? Divorce use to seem to be the absolute worst thing in the world but now unfortunately has taken the title of a â€Å"new norm.† According to the authors of Should I Keep Trying to Work It Out?: A Guidebook for Individuals and Couples at the Crossroads for Divorce (and Before), â€Å"In the United States, researchers estimate that 40%–50% of all first marriages, and 60% of second marria ges, will end in divorce† (Hawkins). 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