As you adjust to the changes happening in your life, it’s important to be in control of your personal finances. While it is easy to be overwhelmed, you can manage your expenses with a new budget during this process.
- Create a New Budget
- Review Accounts
- Evaluate Legal Documents
Create a New Budget
You should create a new budget based on your income as well as any changes in income as a result of your divorce. Additionally, your budget should include how joint assets will be divided, how existing joint debt will be paid as well as other costs associated with divorce. Take stock of any automatic deposits or payments from joint accounts including all savings, checking, money market accounts and credit cards.
Review your credit and any other accounts that are shared with your ex-spouse. These accounts may need to be closed or refinanced into individual accounts. You should also evaluate your retirement assets and have your retirement strategy reassessed. Meet with a Cetera Financial Networks Advisor at MEFCU to help you manage your long-term financial plan.
Update Legal Documents
Important documents stored in your safe-deposit box should be reviewed; take control of the documents that are solely yours. Talk to your insurance agent about your insurance policies. The amount of personal property, as well as different drivers in your household may have changed, and your agent will need to update your policies accordingly.