A divorce can be life-altering in many different ways, including your finances. Untangling your money and assets from those of a former spouse can take time and planning, and having an attorney that knows how to steer you in the right direction is crucial. At Simpson Legal Group, LLC, we help our clients to move forward financially after divorce. Listed below are some steps a newly divorced or soon-to-be-divorced person should take to prepare themselves for life without their spouse.
Look at the Big Picture & Set New Goals
Divorce is different for everybody, and it is important that you understand how your divorce will impact your finances, from your income and expenses to how much you have saved for retirement. Once you understand your new financial position, it is time to set new, realistic goals. Will you still be able to retire when you originally planned? Do you need to save a certain amount from staying on track? Answering these questions will help you decide what your new goals should be.
Create a New Budget
If your financial position has changed, it is time to set a new budget. It is possible that the divorce has altered your monthly income and expenses in some manner, therefore, you must adjust your budget accordingly. Once you have created your new budget, look for ways to decrease your discretionary spending and ways to increase your income. Most importantly, set realistic financial goals, and continue to track your progress. Simpson Legal Group, LLC can direct you to a financial advisor that will assist you with your new financial portfolio.
Build Your Credit
After a divorce, it may be time to start building or increasing your credit score. There are several ways you can do this, including:
- Take out a credit card and pay it off each month,
- Make all payments on time,
- Never skip a payment; and
- Run a free credit report to ensure your ex-spouse is off all your accounts.
Speak With A Lawyer At Simpson Legal Group, LLC
An attorney at Simpson Legal Group, LLC, can assist you with your divorce in a tailored way to set you up for financial success. If you are seeking a divorce, or have been served with divorce papers, contact our firm to schedule a consultation. We may be reached by calling 712-256-9899 or via our contact page.