“According to a study by The National Marriage Project at Rutgers University, a woman's standard of living usually drops by 27 percent after a divorce, while a man's standard of living actually increases by 10 percent. Part of the problem is that women are more likely to be unaware of the family's financial status.”~ CNN/Money article
Whether they live in Jupiter or Wellington, it is time for women facing divorce to hold their head high and thrive, not just limp along. Jeff Landers, contributor for Forbes.com suggests several beginning steps for gaining financial stability after divorce. Today, we’ll look at a few first steps to take once the settlement is signed.
- Many simple changes: Changing your IDs and accounts isn’t hard, but it is a very important step towards getting life back to normal. If you changed your name after the divorce, for example, you’ll need to update your driver’s license, credit cards and passport. Also, be sure to notify financial institutions, creditors, credit card companies, and the children’s schools with any changes in name or address. Finally, take time to consider updating beneficiaries on life insurance and other policies.
- A recipe for financial stability: Chances are, in preparation for the divorce, you had some type of financial analysis. Use that information to create a budget for how to reduce your monthly expenses and how to put your assets to work for you. When making a monthly budget, don’t forget to include items that you may have shared with your spouse. When life begins to normalize, consider what long-term goals you may need: college tuition, retirement planning, saving for a car, etc.
- Give yourself some credit: “Good credit forms the foundation of your financial portfolio and will help you secure loans in your name in the future,” says Landers. Begin by checking your credit report and correcting any inaccuracies. To build credit, use a few credit cards and pay them off each month. Be careful not to hold too many credit cards as that can be seen as a liability by credit agencies. Pay all your bills on time and your credit score will start to climb.
Stepping out into the world of single financial living can be intimidating but following a few simple steps of financial basics for women can put you on the right path and can give you peace of mind. Next week, we’ll continue the conversation with more tips for establishing a strong financial future.
Board Certified Marital and Family Law Attorney Charles D. Jamieson understands that divorce is an extremely sensitive and important issue. Thanks to extensive experience and a focus on open communication, Attorney Jamieson adeptly addresses the complex issues surrounding divorce while delivering excellent personal service. To discuss divorce in Florida, please contact The Law Firm of Charles D. Jamieson, P.A.The Law Firm of Charles D. Jamieson, P.A. or call 561-478-0312.