In a tough economy, it is more important than ever to look forward after divorce in rebuilding financial stability. Both men and women can be overwhelmed after a divorce and have difficulty adjusting to being single again. Essentially, one household becomes two after divorce, and former partners do not realize the contributions to the household their spouse made. Dads for instance may not realize the costs associated with picking kids up from school, acting as a taxi driver for events and child care costs. Housing, food and utility costs may be higher for two separate households.
According to experts, specific actions after dissolution of marriage can facilitate a person in rebuilding financial stability. Experts caution the newly divorced against making decisions that increase financial risks and responsibilities in the immediate aftermath of divorce.
Stick to a Budget
People have new lifestyles after divorce. It is important to work on a reasonable budget to match the new lifestyle. Experts believe that it is important not to take on new debt right after a divorce. Creating and sticking to a budget post-divorce allows a person to focus on the needs while living within their means.
Assess Housing Costs
It is easy to become house poor post-divorce. Having a larger home than necessary adds to utility costs, higher property taxes and higher insurance premiums. Some divorced couples have developed creative housing solutions during the current economic downturn, according to the Institute for Divorce Financial Analysts. The weak housing market has caused some couples to decide to live on separate floors or rooms of the house until the market improves.
Locate Assets
During many marriages one person controls the finances. After a divorce, and after the division of property, it is important to know where assets are located. It is critical that both people know the whereabouts of what they now own. A newly divorced person needs to know the details concerning their bank and investment accounts, financial agents, any stocks, bonds and all debts the individual owes.
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