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4 tips for dealing with the financial impact of divorce

Divorce can significantly impact your financial security. When you have to rely on your own income, you may find yourself stretched thin. When you split, your expenses double, including your housing and utility costs. Not to mention you must divide your assets.

So how can you survive the financial storm of divorce and bounce back to a stable situation? Here are some personal finance suggestions you should consider.

1. Rely on family and friends

When you and your spouse separate, you may need to move in with a friend or family member for a while. While you do not want to take advantage of anyone, you should appreciate the people in your life who are willing to help. This is much better than taking on new credit that may only add more burdens down the road. 

2. Eliminate unnecessary expenses

If you have not already, you should start budgeting. You may need to seriously dial back your spending for the time being. Some things you used to think of necessities may become optional. Stick to the basics of housing, food and transportation. Stop eating out and try to live simply until you are back on track.

3. Update your accounts and paperwork

Make sure you get your own credit card and open your own bank account as soon as possible. You will also want to update essential documents, including estate planning papers and beneficiary designations.

4. Get help from professionals

You may be fearful of attorney fees, but the mistakes you may make without legal help may be costly. If you overlook something, you may end up with financial devastation. An attorney can help you get a clear picture of your assets and consider the tax implications of property settlements. Besides, divorce does not need to be a lengthy fight. The right lawyer can help you and your spouse divorce as amicably as possible.

 

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