During or after divorce you should confront your financial situation and do everything in your power to go out least economically affected as possible by the plight of separation. Having a Divorce Financial Planning Worksheet will help you to put things in perspective and define your priorities.
Organize yourself, arrange your Financial World
A Divorce Financial Planning Worksheet would be a great tool to help you to organize your new financial situation. You can begin with these actions:
- Make a list of your bank accounts and check if they are joint.
- Check the terms of each account.
- Check who are the signers in each of the accounts.
- Review your insurance policies and insurance policies you had with your former partner.
- Look at the status of your home and other properties.
- Analyze the status of investments you might have in conjunction with your former partner.
Legal and Economic Situation
Review your legal status in regard to joint debts that have or had with your former partner. See if you are surety or co-debtor. If surety may, with the advice of a lawyer, look at your options, because the bank must tell you if your partner does not pay the monthly installments. If you co-sign, you run a high risk that banks take away your goods or salary without notice. This is the reason that all banks and financial institutions prefer the figure of a cosigner.
Please consider a Divorce Financial Planning Worksheet. If you not agreed or reviewed anything related to economic and financial matters before the divorce, you may have many problems. Never sign any document without understanding or knowing exactly what firm. Your former spouse may have told you that you were signing the ownership of the house, yes, but somewhere might have a restrictive clause that would not allow you to be the owner of that house. Always be careful what you sign with your marriage or divorce. It is recommended that before signing seek legal and financial advice.
Communicate to Your Bank your new Status: Divorced
Contact the financial institutions with which, as a couple, you have had transactions. Tell them you are divorced and converse with these entities about the future course of action. Remember that any bank will close a joint account if you do not ask.
Make the necessary Financial Changes
As part of your Divorce Financial Planning Worksheet, ask to your bank to convert the old joint account to an individual account in your name. Do the same with the credit card with your home loan, and personal loan. Check the status of insurance policies and other financial commitments you may have.
Reasume the Control of Your Emotional and Financial Life
The most important part of a Divorce Financial Planning Worksheet is: Find ways to regain full control of your emotional and financial life. Do not pretend to completely shut out the world. If you feel depressed seek help, talk to your friends and become aware that you are going through a difficult time. Be aware that you are vulnerable and not believe in all the “stories” that tell many manipulative people, and do not jump to a sudden new relationship. Look for a job if you do not have one and reorder your priorities.
Learn everything you can about your personal finances and do not be pity for yourself. The world is not over because you have divorced. It is possible that the best is yet to come now that you have the wheel in your hands.
Read about Financial Advice Divorce here, where you will find more information.