Financial planning tips for those who are divorced

Financial planning tips for those who are divorced

| May 8, 2020 | Uncategorized |

A divorce can have a significant impact on a person’s finances. However, with proper planning, individuals in Pennsylvania and throughout the country can overcome the hurdles that they may face after ending their marriages. One of the first steps a person might want to take when preparing for the future is to create a budget. This may allow a person to determine if there is a need to go back to work or a need to alter retirement or other savings goals.

Individuals may be able to save money and live beneath their means by cutting coupons or shopping at thrift stores. Using grocery store and other apps can help people save time as well as save money, which may be ideal for those who must juggle work, social and other obligations. During an after a divorce, it is a good idea for individuals to analyze their investment portfolios.

Those who need help creating an investment strategy are encouraged to consult with a financial adviser. Financial professionals may also be able to provide insight and guidance to experienced investors who have questions about how to manage their money. A person who is getting divorced may benefit from looking at his or her credit report. This may help to ensure that a former spouse is no longer an authorized user on a credit card.

A family law attorney may be able to help those who are seeking spousal support or other financial assistance in a final divorce settlement. Parents may be able to obtain child support payments or other resources to ensure that their children’s needs are met. Legal counsel may be able to help an individual locate hidden assets or stop the unauthorized sale or transfer of joint assets such as a car or boat.