Following a divorce, you may find yourself confused about the financial decisions you now face. For instance, you may be paying or receiving child support or alimony payments. Or maybe you have to seek new or better employment to pay for the basic expenses your former spouse’s income covered.
Are you taking the first steps toward financial freedom following a divorce? Are you unsure of how to move forward? These steps will help you move forward in post-marriage life.
1. Separate Your Finances
After your divorce, it is smart to remove your name and information from joint bank and credit accounts. You should open new accounts under your name.
At this time, you might also want to remove your ex-spouse from other accounts, including your life insurance and health insurance if necessary. You might also want to make changes to your legal documents, like your medical directives, power of attorney, and living will.