Tackling Finances after a Divorce

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Getting a divorce is known to be a strain on your emotions and your bank account. With the help of the Divorce Attorneys at Larsen Law Firm in Provo you can settle all of your finances during the divorce process. It is up to you to get a hold on your finances and plan a new budget after the divorce is finalized. We have provided some tips for you to take into consideration when tackling your finances after a divorce.

Wait for Stability

Before trying to get your finances in order you will want to make sure you are stable enough emotionally. Divorces take a toll on your mental stability. After going through the divorce process you will be faced with a lot of life changes. Conquer one life change at a time to make sure you have a solid emotional base to build up from. If you need help in dealing with these life changes you can seek the help of a counselor. They can give you experienced advice and tips to help you conquer the changes that lie in front of you.

Make a List

After your divorce is complete you will need to completely rework your inventory of assets, income, and debt. Most married couples have joint accounts, assets, and debt that will need to be separated during the divorce process. Making an updated list of what you have remaining will give you a better idea of how much you have, how much you are making, and how much you still owe.

Update your Accounts

The Divorce Attorneys at Larsen Law Firm in Provo will help you in the separation of joint accounts and assets. After it is settled you can now be in charge of your own personal bank accounts, credit scores, and insurance. Get copies of each and make sure they are all properly updated with your current information. Double check your credit transactions to make sure there aren’t any errors.

Upgrade your Budget

Now that you are separated you will be in control of your finances and incoming bills. You will want to make sure you are bringing in more money then you are spending. If you need to, downgrade in some aspects of your life. A smaller house or a cheaper car payment may be just what you need to make ends meet. Having a fully planned and organized budget you can stick to will provide you with the peace of mind you need.

Develop a Plan

After your budget is worked out and you know exactly what you need to do, make a plan and follow through with it. Whether that is selling some assets to decrease your spending each month or taking on a second job, you will need a plan of action to make ends meet. Make sure you are simplifying your life in the process.

The Divorce Attorneys at Larsen Law Firm in Provo are here to help you with all of your needs when it comes to the divorce process. Call us today to set up a consultation.

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