17 Financial Divorce Tips from a Divorce Lawyer

If you’re going through a divorce, these 17 divorce tips brought to you by the team at The Law Offices of Michael F. Mimno can help with your finances:

  1. Open New Accounts

If you’re currently sharing accounts with your soon-to-be-ex-spouse, it’s wise to apply for your own credit cards. However, keep in mind that you may want to apply for the cards prior to canceling already existing accounts depending upon your personal finances.

  1. Change Your Insurance Coverage

In a divorce, you’ll need to call your insurance agent to update all of your insurance types, ranging from your car insurance to your life insurance policy.

  1. Know Your Credit Score

If you don’t already know what your credit score is, the time to learn it is now. Your credit score will be an important factor when trying to establish financial independence.

  1. Consider Mediation

If you and your spouse can work together amicably, you should consider mediation as a way to save money during the divorce proceeding on court and lawyer fees.

  1. Meet with a Financial Planner

Even if you already have a financial planner, there’s a good chance that your financial status has changed dramatically as a result of your divorce, and professional help may be necessary.

  1. Let the SSA Know

The Social Security Administration will need to be notified of any name changes post divorce, especially if you’re currently receiving benefits

  1. Cancel Your Joint Accounts

Rather than just deciding no longer to use a joint account, make sure the account is canceled entirely. Otherwise, you may be held liable for your ex-spouse’s debt if s/he incurs any.

  1. Make Changes to Your Will

If you have a will or trust that names your ex-spouse as a beneficiary, you’ll need to make changes to the documents as soon as possible.

  1. Set a Savings Goal

No matter your budget, saving money each month is neccesary, even if it’s minimal. Go over your budget and set a savings goal for yourself as soon as possible.

  1. Know How Items are Titled

If you don’t have a clear understanding of your financial picture, including how all of your assets are titled, division during a divorce can be confusing. Learn as much as you can about what you own and how that affects your financial worth.

  1. Go Over Your Taxes

If you’re going through a divorce, how you file with the IRS is going to change bigtime. Review your tax with holdings and make changes as necessary.

  1. Change Your Investments

Meet with a professional to go over your current investments – based on your new single status, some of your current investments may no longer make sense for you.

  1. Know How Much You Can Afford

If you’ll have to be making new purchases post-divorce, such as a home, learning what you can afford is important in preventing unwanted debt. A banker or finance professional can help.

  1. Accept Help When it’s Given

If you’re going through a divorce, your friends and family will probably offer their love and support. While it may seem awkward or uncomfortable, letting your parents pay for dinner or crashing on the couch of a friend can help you transition into your new life.

  1. Use an App to Help You Budget

If your ex-spouse was in charge of the budget-setting for your household, you may need a little extra help to get started. Consider an online or mobile app to help you set financial goals and live within your budget each month.

  1. Be Honest About What You Own

When going through a divorce, it’s important that you make full disclosure of assets. If you don’t, you may face penalties. Also, make sure to look for any of your spouse’s hidden assets.

  1. Hire a Divorce Attorney

One of the best ways to ensure that you come away from a divorce with your finances in check is to hire a divorce attorney. At The Law Offices of Michael F. Mimno, we’re ready to meet today. Call us now at 978-470-4567.