How To Take Control Of Your Finances Post-Divorce

Implement the terms of the financial order

It goes without saying that getting your financial court order is not quite the end of the divorce case.

There is still work to be done, in complying with the terms of the order.

Check through the court order carefully and make sure you know what, how and when everything needs to be done. For example….

Do you need to arrange for the family home to be sold, or transferred in to the sole name of one of you?

Does a standing order need to be set up for child and/or spousal maintenance?

Is there to be a pension share?

Are there bank accounts to be closed? Or new ones needed to be opened?

It is important to make sure everything is put in place and that it is done within the required timescales.

 

Tidy up the loose ends

Get some closure and tidy up the loose ends regarding any joint assets. This could involve: closing joint accounts, opening new accounts in your sole name, taking steps to remove your ex spouse’s name from certain assets, placing bills in your sole name. Some of these steps will probably have been covered in the financial court order in the divorce. Putting these things in place enables you to gain some if not all financial independence from your ex -spouse.

 

Seek advice about financial planning

Now you are divorced, you will need to re-evaluate your financial position. Seeking advice from a chartered financial planner could help you to feel more in control and get some clarity about your financial future. The financial planner can assist you to better understand and re-organise your new financial affairs, as well as helping you to plan for your future financial goals. For more information about the benefits of financial planning post-divorce, read my blog – Why Having A Financial Plan Is Important Post-Divorce

 

Prepare an up to date budget to help manage cash-flow

Your monthly outgoings will be different now to what they were during your marriage. You may have been living separately from your ex -spouse for a while now, so could well have a good understanding of the amount you spend. However, post-divorce, it is still a good idea to review your monthly outgoings, to help you to feel organised and more in control of your cash-flow. You could use the Income Needs Schedule, you completed in the divorce proceedings, to prepare a new update to date version of your outgoings.

 

Here are links to my other blog helpsheets to assist with post-divorce issues:

What happens now I am divorced?

How a divorce consultant can help you after your divorce

Why is making a will so important when you get divorced?

 

For help with your individual situation on these or any other post-divorce matters, please get in touch to find out how I might be able to help you – Contact Rhiannon

 

If you have found the tips in this blog useful then you will find lots more in my ebook “Tips for Coping with Divorce” which you can download here: free ebook.

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