Let’s face it; divorces are expensive. After getting a divorce, handling finances is a challenge many people aren’t ready to tackle alone.
If you are stressed and don’t know how to get your finances in order, take a look at these tips to revive your wallet.
Have a Plan
Write out what you want your financial plan to consist of. What goals are you trying to achieve? Write out a certain amount of money you have in mind you want to save. Putting this down on paper or anywhere outside of your mind will give you a physical representation of the goal you’re trying to reach.
Check Your Credit Score
Being married comes with a ton of financial responsibility. Your ex’s debt is your debt and vice versa.
Being newly divorced, however, can help you start over financially. You and your ex may have purchased a home together, a car, or racked up expensive medical bills. Make sure you check all three credit bureaus to see if there are errors or something your ex had that needs to be paid off.
Having outstanding balances on your credit can make it harder for you to get a new house or apartment, and in some cases, a new job.
Make a Sensible Investment
If you find that you have enough money to do so, take a leap of faith and invest in yourself. Start the small business you always wanted, go back to school, or make small stock market investments. Put your money in places you know will reap a reward and give you a sense of accomplishment.
Consider Your Assets
If you and your ex split and distributed assets during the divorce, save what you can for a rainy day. Having a strict and concrete savings plan is one of the best things you can do for your future. Put your money into a savings account that accrues interest.
If your assets include land, a family business, or anything passed down to you and has value, get it valuated by an attorney.
Contact a San Diego Business Valuation Lawyer
Once your property has been characterized as separate property, our attorneys at Dan McCandless Law can assist you with putting a value on your property or assets so you can focus on rebuilding your life and taking back your financial freedom.
Contact us today at (858) 266-9171 to set up your consultation.