Hi,
After the divorce is final and the court has decided financial responsibilities, it's time to take a financial inventory. Since all situations are different, this is a list of possible suggestions which may be of use:
1) Living situation: Should downsizing be a consideration? Depending upon the circumstances, some people find it comfortable and financial rewarding to get a room mate instead of selling their home.
2) Transportation: Can we comfortably maintain our present vehicle, or do we need to get a less expensive one?
3) Outstanding credit cards: Look at all credit cards and determine balances, and monthly payments. It is a good idea to reassess whether or not all cards are needed and if it is a good idea to eliminate some of them.
4) Check all incoming bills to make sure the name of the ex-spouse is dropped from the statements.
5) Check beneficiaries listed on policies and make changes where deemed applicable.
Tomorrow I'm going to write about a budget based upon current income and expenses.
Until then,
Alan
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