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Following divorce, rebuilding a life as well as finances means
establishing goals and making plans.
Take your time. Financial planning professionals recommend you
take time to adjust to your new life before you make major life decisions
and that includes how to invest money.
If you have received a large financial settlement, put it in a safe
place — a no-or low-risk account with easy access. Leave it there until
you are better equipped to make clear decisions.
Resist the urge to splurge. If you received a large settlement,
resist the temptation to spend the money. Instead reserve all or most for
some future goal.
Check your credit report to verify that your spouse has not incurred
debts in your name since your divorce or separation. Request a free annual
credit report at www.annualcreditreport.com.
Establish new goals for yourself and make a budget.
Good planning starts with goals, and now is the time to redesign the
life you want for yourself.
Make arrangements for nonfinancial emergency resources.
Could a family member offer you a place to live if necessary? Who
would be able to take care of your children in a crisis?
If you remarry, consider the benefits of a prenuptial agreement.
Consider whether you want to merge your assets or keep them separate.
You can use such an agreement to:
- Protect the control and ownership of a business you have established.
- State the separate or marital nature of certain assets you bring into
the marriage or you acquire during the marriage.
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Basic Money Management
Basic Money Management
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