...

How to Rebuild Your Financial Health After a Divorce

Divorce may have disrupted your finances with obligations like attorney’s fees, court costs, spousal support, and child support payments. Acknowledge that divorce can severely impact your financial health and start your financial recovery after divorce.

A large concern that people have while they are going through a divorce is their credit score. Borrowing money and then repaying that money on time is crucial to maintaining a good credit score and therefore being credit worthy.

Divorce may have disrupted your finances with obligations like attorney’s fees, court costs, spousal support, and child support payments. Consider the sale of your home and the division of retirement accounts between you and your ex-spouse. Acknowledge that divorce can severely impact your financial health.

The attorneys at the Law Office of Bryan Fagan, PLLC would like to let you know that it is possible for you to rebuild your credit and your financial life as a whole after your divorce has concluded. The steps are not easy but the reward if you are financially dedicated are certainly worth the effort.

Actively Assess Your Post-Divorce Financial Recovery

After concluding your divorce case and settling payments with your divorce attorney, take a moment to step back and allocate time for yourself. I don’t mean take some time for yourself in Hawaii or Europe- unless you have the cash to do that, of course. For most of us, dedicating some time to ourselves for reflection, prayer, meditation, etc. is more than enough for us to begin to feel like we can move forward with our new lives.

Once you have given yourself a moment or two to breathe and settle your nerves you should follow a tactic from your divorce case and begin to inventory your assets and debts so that you know exactly where you are in terms of your finances.

What are you earning at work as far as an income is concerned? Do you have debts? If so, to whom is money owed and how much? Were you awarded any assets or property in the divorce? If you want to be really fancy you can use a spreadsheet program on your computer or you can simply write all these items out on a piece of notebook paper.

How to Rebuild Your Financial Health After a Divorce

Each item should have relevant contact information (for the bank, financial institution, etc.) and other data that is relevant for you. This way you will have a source to be able to go back to in the event that you need to check on any information in the future or if any other person or business needs information from you.

Start to Work on Balancing Your Lifestyle Between Income and Spending

Your income needs to be greater than your expenditures. This is not high level financial theory, obviously. It’s the sort of simple truth that your grandmother would tell you over a cup of coffee.

During your divorce you may have strayed from this slice of wisdom either due to necessity or a feeling of hopelessness. Sometimes when we feel heartbroken or stressed or at wit’s end we justify bad decisions when it comes to spending money. Something like, “I know I can’t afford this car right now, but I DESERVE it after all I’ve put up with in this divorce!”

It goes without saying that the good feeling you get after a big purchase never really lasts all that long. In fact, your income may have changed somewhat during the divorce due to child support or other monies being deducted. This means that not only did you lose your spouse’s income but your own may have gone down considerably after a divorce.

The solution here is to assess what your monthly bills are and what your monthly income is. Take into consideration that you need a place to sleep, you need to pay your child support and that you need the lights on and food to eat. Everything after that becomes optional until your income adjusts and enjoy financial recovery after divorce

Ensure Correct Setup of Your Financial Institution Accounts

Remove your spouse’s name and revoke their access from any shared bank accounts post-divorce. Consult your Final Decree of Divorce for guidance on handling account beneficiaries in case of your demise.

Avoid the risk of unintentionally leaving your ex-spouse as the beneficiary of your accounts. Instead, designate a preferred recipient for the proceeds.

Immediately change usernames, passwords, and PIN numbers after a divorce. While not suggesting that your ex-spouse will access your accounts without permission, it’s wise to acknowledge that divorce can lead to irrational actions. Better to stay safe and avoid potential issues.

Questions about financial recovery after divorce? Contact the Law Office of Bryan Fagan, PLLC

How to Rebuild Your Financial Health After a Divorce

I wish that I could tell you that life immediately returns to normal after a divorce but, unfortunately, I cannot do that. What I can do is help provide you with some tips and knowledge that can increase the pace with which your life does get back to normal.

If you have any questions about this subject please do not hesitate to contact the Law Office of Bryan Fagan, PLLC today. Our licensed family law attorneys are available six days per week to speak with you in a free of charge consultation.

Ebook

Adobe Stock 62844981[2]If you want to know more about what you can do, CLICK the button below to get your FREE E-book: 16 Steps to Help You Plan & Prepare for Your Texas Divorce

  1. Why do divorces cost so much in Texas?
  2. How Can I Get My Spouse to Pay My Attorney’s Fees in a Texas Divorce?
  3. How am I going to Pay for My Texas Divorce?
  4. 8 Tips for Reducing the Cost of a Divorce in Texas
  5. $300 Divorce Cost a Man $100,000 in Texas
  6. The Cheap and Easy, Online Divorce Is Usually Anything But…
  7. Low cost and affordable divorces, attorneys, websites and divorce Costs in Texas
  8. How Can I Get My Spouse to Pay My Attorney’s Fees in a Texas Divorce?
  9. How am I going to Pay for My Texas Divorce?
  10. Should I Hide Money from my Spouse to Get Ready for my Texas Divorce?
  11. 7 Important Ways to Financially Prepare for Your Texas Divorce
  12. 6 Tips – On How to prepare for a Texas Divorce

Law Office of Bryan Fagan, PLLC | Spring Divorce Lawyer

The Law Office of Bryan Fagan, PLLC routinely handles matters that affect children and families. If you have questions regarding divorce, it’s important to speak with ar Spring, TX Divorce Lawyer right away to protect your rights.

A divorce lawyer in Spring TX is skilled at listening to your goals during this trying process and developing a strategy to meet those goals. Contact Law Office of Bryan Fagan, PLLC by calling (281) 810-9760 or submit your contact information in our online form. The Law Office of Bryan Fagan, PLLC handles Divorce cases in Spring, Texas, Cypress, Spring, Klein, Humble, Kingwood, Tomball, The Woodlands, the FM 1960 area, or surrounding areas, including Harris County, Montgomery County, Liberty County, Chambers County, Galveston County, Brazoria County, Fort Bend County and Waller County.

Categories: Uncategorized

Share this article

Category

Categories