Two homes are more expensive than one.
This can mean less money for both spouses. It is important to realistically reassess your personal finances, assets and interests, and ensure that you are able to cope on your income alone.
Careful planning can help prepare you for the dramatic effect of divorce on your finances and lifestyle.
Take time to carefully assess your true financial priorities and create a monthly budget to live by. This is important and can help ensure your future wellbeing.
If you don’t have experience in making and keeping a budget, use an experienced financial advisor to help you understand your previous spending and draw up a realistic plan. Sticking to a good plan can help you to avoid undue financial stress and keep your finances in good shape.
INVESTMENT AND INSURANCE
If your investment or insurance policies will pay your spouse in the event of your death, you may want to consider a possible change of beneficiaries.
Also consider your insurance coverage and savings, investment and retirement plans. Include them in your post-divorce financial planning.
A NEW WILL
One of the first steps you will take after a divorce is to draft a new Will.
After divorce many people wish to change the division and distribution of their property in the event of their death, and also who will administer their estate.