After your Richmond Hill divorce lawyer has wrapped up all the paperwork and your divorce is final, you’ll need to take another look at your finances. You may find you’re in a different situation than what you’ve been used to; after divorce, many people need to start rebuilding their finances from the ground up.
During Your Divorce: Anticipate Your Financial Needs
Your Richmond Hill divorce lawyer may suggest that you anticipate any changes to your financial situation by creating checking and savings accounts in your own name, opening lines of credit in your own name and securing employment if you are not already working.
You may also wish to work with a financial adviser or financial planner to help ensure your financial security after your divorce is final. Your Richmond Hill divorce lawyer may be able to refer you to a local professional he or she has worked with in the past if you don’t already know someone who can help you.
After Your Divorce: Starting from the Ground Up
If you didn’t work with a financial planner or adviser during your divorce, you can still benefit by finding one after your divorce. However, hiring a professional isn’t always necessary. Ask your Richmond Hill divorce lawyer if he or she believes it’s necessary in your case; after all, your lawyer likely knows your situation as well as you, and has probably worked with several clients in the past with cases similar to yours.
Sometimes, special circumstances require extra planning and effort. For example, if you were not working during your divorce and had to use credit cards to pay for everyday living expenses, your Richmond Hill divorce lawyer’s fees, and incidentals, you’ll need to make a plan to pay down your credit card debt while sticking to a budget for your current expenses.
Budget Your Money and Your Time
Creating a budget can help set your finances on the right track – but only if you stick to it. You’ll need to account for everyday expenses, bills and the amount of money you’d like to save. Several online applications provide free budgeting tools, like Mint.com. You can also find free budget templates through Google Docs, which you can customize to meet your personal needs.
When you’re creating a budget, remember to account for:
- rent or mortgage payments
- utility bills and cell phone payments
- vehicle maintenance
- dining out
- clothing expenses
While sticking to a financial budget is important, don’t forget to manage your time properly, too. Many experts advise scheduling time for fun – especially if you’re working extra hours to rebuild your finances after your divorce.
Rome Wasn’t Built in a Day
Rebuilding your finances to a level you’re comfortable with will probably take time, especially if you incur new expenses like child support, a higher mortgage or vehicle payment, or if you’ve changed jobs. Generally, sticking to a budget and curbing your spending is a good start. If you plan to invest your money, you’ll likely need to work with a financial planner or adviser to help you make the best decisions and maximize your investments.