Going through a divorce can impact almost all areas of your lifestyle, including the stability of your finances. Making sure that you stay on top of your money before, during, and after a divorce is paramount to a secure financial future. The following ideas may help you remain financially stable as you dissolve your marriage:
- Seek out information. A divorce is not the time to turn a blind eye to important financial details, including the location of account passwords and important documents. You will also want to make sure you have a clear snapshot of your entire financial picture, including debts, assets and retirement funds.
- Plan for the future. It’s never too early to prepare for retirement, and divorce can have a direct impact on what happens to your retirement accounts. You should consider seeking expert advice to help you with assessing how retirement payments and Social Security benefits will be affected.
- Rethink your finances. Some line items in your budget go up after a divorce, including things such as housing and cell phone plans that are no longer shared. To make sure you can cover all of these obligations, you will need to go through your budget carefully and adjust your spending as needed.
- Update your legal documents. After a divorce, you should revisit beneficiary designations and make changes to your will and other key legal documents. An attorney will help ensure you have made the necessary corrections for your ongoing financial success.
If you need help with any aspect of the life-changing event that is divorce, contact the Tampa family law attorneys at the Law Office of K. Dean Kantaras today.