Adjusting your finances after a divorce

Going through a divorce can be an emotional experience, especially if it came about unexpectedly. In addition to dealing with the emotional aspects of a divorce, people in Maryland and beyond must also adjust their finances to fit their new life.

It is often wise for a newly single adult to assess their finances and create a budget. Going from two incomes to just one can be difficult. However, ignoring that fact can lead to major financial troubles.

Part of budgeting may include putting more money in savings. For instance, it may be a good idea to begin putting more money into a 401(k) account. While it may mean fewer dinners out, putting more money into savings can be very beneficial whether you are married or divorced.

Eliminating debt is also very important. With that in mind, people should also take a look at their credit score to make sure they don’t see anything suspicious or inaccurate.

After a divorce, some people may be left without health insurance. Most companies will allow people to enroll in health insurance within 60 days. However, temporary insurance can also be purchased through a former spouse’s company.

There are a lot of adjustments that need to be made after a person goes through a divorce. People in Maryland and beyond should not expect these changes to be made overnight. However, it is important for a person to take control of their finances as well as other aspects of their life after they have divorced.

Source: Fox Business, “Starting Your Financial Life Over After Divorce,” Andrea Murad, March 22, 2013

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