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Tuesday, June 28, 2022

Tips for Divorcees: Rebuilding Your Finances

Lawyer holding divorce decree.When it comes to going through a divorce, one of the biggest stressors is identifying how to deal with finances moving forward and working through possible financial strain. Making sense of finances after divorce takes work and time, but with proper planning and a responsible approach, it’s completely doable!

Below, we’ve compiled 10 financial steps to take after a divorce that can help set you up for success.

1. Close all joint accounts

If you haven’t already taken this step, do so immediately. Review all your financial accounts and credit cards and close all the ones that are jointly owned by you and your ex-spouse. In the best-case scenario, failure to take this step can leave your accounts open to fines and maintenance charges for accounts you don’t really use.

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