Divorce is perhaps the most painful experience for couples. Regardless of who was wrong and who was right, both parties suffer the pain at the end of the day. The pain of separation, disrespect, and lack of mutual understanding.
Nonetheless, it is a harsh reality that needs to be embraced with grace. You just can wail around all your life lamenting your separation from your significant other. If that has happened, accept it and move on.
However, most people dwell in the past and imagine the worst. As a result, they lag behind and live a miserable post-divorce life. A sane decision would be to accept that you have got separation – no matter how hard that is to digest. Once that is accepted, the next step should be to take sane actions to make your post-divorce life in order.
One of the most neglected thing during and after divorce are finances. As couples part ways, their joint bank accounts and mutual funds are also separated. The parties should distribute the funds and remain fair in doing so.
Likewise, you and your attorney shall have all of your divorce documents and papers to get you back on track. Below are some of the most effective ways to start a new financial strategy all over again. In turn, this will help you in developing a reliable financial status and can lead you to live a dignified post-divorce life:
Start A Fresh and New Budget
Once you are clear with your divorce papers, the first step you need to take is to reassess your pre-divorce budget plans. Since you had your partner along with you, that budget should have been higher than what you will be spending now. In either case, reassess that budget and jot down all the expenses on a piece of paper.
As you develop a fresh budget, stick to it for the first month. Analyze how did the first month go. Were you extravagant or the budget was too tight? Review that and make the necessary changes based on the results. This is how, you can step into a post-divorce life without losing your cool and dignity. You are sustaining both your money and composure at the same time.
Delete All the Previous Joint Accounts
As you were tied together, your ex-spouse and you should have joint bank accounts. Be it emergency funds or just savings, you and your spouse both were equally contributing to the savings. As you formally step into your post-divorce, it is a sane decision to cancel all the previously held joint bank accounts.
Since you are in a relationship anymore, it doesn’t make any sense to have shared accounts. You must be afraid that if you keep putting money into that shared accounts, chances are your spouse will take all. To worsen the matter, you will have no legal reservation in retrieving that money.