Your First Steps

Read below for tips on how to create a financial gameplan after a divorce.

We know it’s not easy, and while we can’t mend a broken heart, we can certainly help you take the reins on your finances. When you’re overwhelmed, remember to start with these steps to get your financial ship on course.

1: Take a Financial Inventory:

  • Begin by gathering all the financial documents you can get your hands on – bank statements, investment portfolios, credit card statements, and any other relevant records.
  • List out your assets and debts, making sure to include everything from joint accounts to personal loans. This snapshot will be your starting point.

2: Establish Your Budget Battle Plan:

  • Evaluate your current spending habits and create a realistic budget. This will help you understand your financial landscape and identify areas where you can cut back or allocate funds differently.
  • Consider using budgeting apps or tools to make this process less daunting. Remember, it’s not about depriving yourself but finding financial balance.

3: Close Joint Accounts and Establish Your Own:

  • Time to untangle those financial webs. Close joint bank accounts and credit cards to prevent any further joint financial transactions.
  • Open new accounts in your name only. This ensures that you have control over your finances moving forward and protects you from unexpected surprises. Call us biased, but we encourage you to consider Primis Perks since it’s fee-free and pays you 50 cents each time you make a debit card purchase.

4: Update Beneficiaries and Legal Documents:

  • Don’t forget about those dusty beneficiaries and legal documents. Update your will, insurance policies, and retirement accounts to reflect your current situation.
  • This step ensures that your assets go where you intend them to, not where you might have planned with your ex.

5: Know Your Credit Score:

  • Get acquainted with your credit score. Request a copy of your credit report to check for any discrepancies or joint debts that need attention.
  • Maintaining good credit is crucial for your financial future. Stay informed and proactive about your credit health.

6: Consult a Financial Professional:

  • Seeking guidance from a financial advisor can be a game-changer. They can provide personalized advice, help you set realistic financial goals, and guide you through any complex financial matters.
  • A professional’s expertise can make the journey smoother and help you make informed decisions about your financial future.

Remember, you’re not alone in this journey. By taking these initial steps, you’re laying the groundwork for a stronger, more stable financial future.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.