Getting Your Finances in Order After Divorce
After you divorce has been finalized, a new chapter of your life also commences. You have a bright future ahead of you and even blank slate to begin creating a new foundation. Naturally, you will have questions about where to begin, as this can be a confusing time. This is also the perfect chance for you to get all of your finances in order.
The First Steps
Gather all of your financial documents and paperwork—everything from your bank account statements to your investments and properties owned. Then, you can sit down with our Collin and Denton County divorce attorneys at Coker, Robb & Cannon, Family Lawyers and your financial planner to form a plan to start off on the right foot.
Here are some of our tips:
Let go of emotional baggage.
You will have a flurry of emotions following divorce: anger, loss, disorder, and everything in between. Dwelling on negative feelings can only hinder your growth, rather than helping you move forward. Channel those feelings into other activities—starting a new project, taking up a workout regimen, or joining a religious or a hobby group. Keep the emotions separate from your efforts to advance your career or store away some money.
New chapter, new life, new career opportunities.
This is your chance to begin life anew. There is no telling how many career opportunities could open up. Whether it is a blossoming and well-paying career endeavor, or simply returning to school to obtain a few more credentials or even another degree. Take the time to spruce up your resume and reconnect with old colleagues. Or, form a network of professionals based on the type of career you would like to have. The sky is the limit!
Find new ways to save cash.
Divorce is costly, in some cases, you may not have much left once the ink on your final divorce papers has dried. Look for ways to save here and there. Remember that every dollar adds up. Perhaps you will have to cut down on a few luxuries—coffee run and grabs every day to every other day, for example, or bringing a bagged lunch to work instead of ordering out. Maybe you need to switch brands of your household items or buy only enough for what you need. Whatever it takes to help your savings grow, think about every penny that you could cut.
Start thinking about making a will.
While we do stress protecting your assets for the future, it is always a good idea to continue protecting those assets for your children and future generations. Update your documents to reflect the beneficiaries you want to receive your inheritances. Also, enlist a trusted person to act as power of attorney in case you become incapacitated, pass away or are otherwise no longer able to make decisions on your own.
As always, you can rely on our Collin County divorce lawyers to offer counsel and offer guidance on any legal matter about your particular situation. Contact us at (940) 293-2313 to discuss your divorce needs.