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Manage your financial affairs as you work through your divorce

You may be struggling with very intense emotions as you fight through the turmoil of your divorce. If you are, that is completely okay; however, you must remember there are important economical factors that you have to consider, which could severely affect your future. Many overlook their finances as they move through the dissolution process. Nevertheless, it is important that you get your finances in order as you transition into a new life as a single person.

You should begin by ensuring that your joint accounts are closed. If you cannot do this right away, make sure that your ex does not have authority to use such accounts while the closure is being finalized. All you have to do is make a simple phone call to your creditors to make certain that the particular shared account is frozen. If you do not do this, every financial step that your former partner makes could affect your credit. When this is done, you can start creating your own accounts and credit cards in your name.

After all of your accounts are in order, take the time to make a solid budget. Your finances will inevitably change. Not only will you be purchasing for fewer people, but you will also live on one person's income. To gain a solid understanding of your numbers, you might examine old bills and tax returns from previous years. Moreover, the development of a solid budget can serve as a strong negotiating tool in settlement discussions, as you will have a better understanding of your financial needs.

Most importantly, do not handle these financial stresses without professional help. There are many financial experts who can help you organize your budget. In addition, a lawyer can assist with this process, ensuring that you have your monetary and legal issues in line. It may also help to pursue noneconomic assistance. Support groups, family counselors, therapists, church groups and other resources can provide strong emotional support. Ultimately, you do not have to go through this experience alone.

These financial tips can help you create independence as you move into your new life. It helps to pursue assistance from those who know what they are doing. If you would like to learn more about the divorce process, you may benefit from speaking with a qualified family law attorney in your area. A lawyer can help guide and support you through this very difficult time.


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