3 Steps To Regrow Your Wealth After Divorce
Regardless Of Where You’re Starting, You Can Reclaim Your Finances Today.
No one gets married with the intent to divorce. When it happens, it can leave you dealing with emotional and financial stress.
Divorce can get expensive with costs like relocating, financing a new car and paying attorneys. These fees can lead to debt, bankruptcy and overwhelm about not just your finances, but your mental health.
While it may be difficult to see the positive side of divorce at any stage, your life doesn’t have to be on hold. You deserve to not only survive but thrive after your divorce.
We believe there is a light at the end of the tunnel—reclaiming your financial stability and peace of mind.
You can start today by implementing our three steps to help you manage your finances and regrow your wealth.
3 STEPS TO REGROW YOUR WEALTH AFTER DIVORCE
Update your spending plan and accounts
Redefine your money goals
Check out our HOW TO BOUNCE BACK (FINANCIALLY) FROM A DIVORCE course
Step 1: Update Your Spending Plan and Accounts
In most marriages, we share our expenses, debts and wealth with our partners. Whether it be a house, a car or a joint banking account, we usually combine our money to make managing finances easier.
In the event of a divorce, you return to being responsible for yourself (as well as your children and pets). Make sure your spending plan and accounts reflect these changes so you can learn exactly where you stand with your finances.
Calculate your current income and savings. What’s your monthly and annual income from your job and other sources of income? What’s your current credit score? What’s the total amount in your savings accounts? Have you created an emergency account, and if not, how much can you start contributing to it based on your new spending plan?
Take account of any short and long-term fees due to divorce. Whether that be tax fees, attorney fees, spousal or child support, learn what you are responsible for and for how long.
Cancel joint accounts and change beneficiaries. Unless you and your ex-spouse came to an agreement on how to manage shared accounts, it’s probably best to get a fresh start with your own accounts. This means cancelling any joint accounts they have access to, and updating documents that appoint who can benefit from your money with accounts like banking, insurance, retirement, etc.
Step 2: Redefine Your Money Goals
Just because you and your ex-spouse had goals for the future together doesn’t mean you can’t recreate your own goals.
What do you really want out of life?
Whether that’s an extended vacation, traveling or starting your own business, deciding what you need to be fulfilled is key to redefining your money goals.
The best way to set your money goals is to:
Write them down and get specific. What are your short-term versus your long-term money goals? What takes priority, what makes you most excited to achieve?
Give yourself a reasonable deadline to meet them. Your financial goals are dependent on your spending and savings plan, which can include investing and other strategizing with your current income. It could take time, but with consistency and determination, you’ll be on your way to living the life you deserve!
Step 3: Check out our HOW TO BOUNCE BACK (FINANCIALLY) FROM A DIVORCE Course
Each step thus far is necessary in understanding how divorce affects your finances, and what measures you must take to regrow your wealth not just back to its former glory—but to higher heights you’ve always dreamed to achieve.
The last step in securing your financial freedom is to create a financial plan based on your spending and savings plans and money goals, and put them to work!
In this article, we discussed everything you need to know on how to build a strong financial plan.
If you’re ready to create a financial plan that regrows your wealth is to check out our HOW TO BOUNCE BACK (FINANCIALLY) FROM A DIVORCE course.
With the commotion that divorce can stir up, it’s easy to overlook opportunities with your finances. It’s our job at YFM to help you flesh out the details of your plan by outlining the tools you need to make financial preparations.
It’s our goal to turn your money goals into a reality.