Working out your divorce agreement so that you get the assets you want to take from the marriage is essential to securing your financial future. So is working for the spousal and child support you need to take care of your children and yourself comfortably.
However, establishing a sound post-divorce financial plan is also crucial. Don’t wait until the final divorce documents are signed to start working on this plan.
You may already have assembled a team, in addition to your Rhode Island family law attorney, to help you make the best decisions throughout the divorce process. This may include financial, investment and tax advisors, an estate planning attorney and your insurance agent. These professionals can also help you in your post-divorce financial planning as a newly-single person.
Create a budget based on your income, your projected settlement and support payments. You want to do everything possible to make your settlement last for as long as possible.
Make appropriate changes to your estate plan. You may want to remove your spouse as a beneficiary of your estate as well as retirement and investment accounts and insurance policies. However, don’t make any changes without consulting your family law attorney first.
Protect your credit. A good credit score is more important than ever now that you’ll be relying on it to get loans and credit cards in the future. It’s generally best to extract yourself from joint credit cards and other credit products that you currently have with your spouse so that your credit can’t be harmed by your spouse’s activity or failure to make payments.
Your family law attorney can provide recommendations for these and other professionals who can provide guidance during and after divorce and can help you as you work with those professionals to create a solid financial future.