Don't Let Divorce Ruin Your Finances
Divorce can be costly, especially to one's finances. Some tips to help protect those finances for future use include:
● Taking charge of your cash flows
● Look into adjusting beneficiary designations
● Finding ways lower your costs
Taking charge of your cash flows
Knowing where your money is inputted and outputted is key. Expenses will change after a divorce. House payments, car insurance, health insurance if you are under your spouse's health coverage, and many other expenses might or will change. Knowing where your cash flows, provides you a better understanding of how much you might be spending after a divorce.
Look into adjusting beneficiary designations
Beneficiary designations are also important factors to consider. Make sure if you have a will that they are up to date, doing so will prevent assets going towards a previous spouse. Yearly audits are also done to provide insight of where your finances are going.
Looking at ways to lower your costs
Knowing where your money goes can help you discover new ways to lower down your costs. Some examples of how people can lower their costs is downsizing their homes or moving into smaller apartments. However, there are also ways where you can potentially earn more income like renting out extra space for a bed and breakfast service or renting out a room.
For more information read the full article here by Arielle O'Shea from NerdWallet.