Although sad to acknowledge, divorce rates in the United States are at an all-time high. Not only do couples spend an average of fifteen thousand dollars on the costs of a divorce, but they both have to learn how to manage their finances separately. For many women, this can mean a new found financial independence that they have always wanted, while others can look at it as a terrifying experience. Whatever category you might fall into, here is some basic advice that any women can utilize following a divorce. Set up all personal bills and bank accounts in your nameWomen who have been married for several years and get divorced might decide to keep their ex-husband’s last name, simply because it makes things easier. Whether you decide to keep your last name or change it back to your maiden name, make sure you set up all your finances in your name. Divorce can be messy, and after it is finalized, the judge should have given you information as to what is yours, financially. If you and your husband had a joint bank account, maybe money was split. Now is the time to transfer all of your money to your own bank account, or set up a new one. If you are staying in your home or moving to a new location, make sure you know what bills need to go in your name. If your ex-husband had any bills in his name that he is no longer required to pay, you will want to make sure they are now in your name. This is very important because you do not want to be stuck with bills you can’t pay, or credit companies stopping your home services. Check your creditA person’s credit score is extremely important to have access to because it is used for everything relating to personal finances. In a martial relationship, many women find themselves unaware of their own credit score because they share most of the finances with their husband. Following a divorce, many women should utilize free websites that provide their credit score. www.creditkarma.com is one of the most popular websites that women can sign up for to receive a detailed list of everything on their credit score. This will include credit card utilization, delinquent accounts, past due payments, and credit inquiries. Credit Karma is also very useful in helping you build your credit score if it does not meet your expectations. There is a view-able window, displaying when certain items will drop off of your credit report, as well as options for credit cards you might be approved for, based on credit score. Save all financial reports and paperworkMany of us have a random spot in the house that is just filled with a mess of old financial paperwork. Organization is the key to keeping track of old financial information.
The best way to organize your financial paperwork is to separate it by category and year, using file folders. This way of organization can be very beneficial for women in the process of going to court to finalize a divorce. Going through a divorce is not an easy task for anyone. Women who are aware of their finances and have the basic financial information presented above will have a better time coping with the financial struggles that come with divorce. These might sound like easy tasks to complete, but the sooner they get done, the sooner that financial independence can be established.
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