Financial advice for women during a divorce is crucial in the early stages of the legal process. Many women going through a divorce don’t know what steps to take in order to secure their finances and often don’t feel comfortable taking on a new role of opposition with their spouse. Below are some helpful tips to get you started on your path to financial independence.
Financial Advice for Women: Separating Bank Accounts
It’s in the best interest of both parties to separate accounts and split up the money in them. You should be able to civilly agree on figures to avoid someone getting petty during the divorce and wiping out huge lump sums out of spite. You can even open up a new account at another bank to earn some cash, as most banks offer rewards for switching.
Financial Advice for Women: Canceling Credit Cards
People often act differently and become irrational during divorces. You should make sure to cancel any joint accounts you may have for your credit cards and take your spouse off any credit cards that are in your name. There are many stories of people racking up debt to get back at their spouse during this time. However, you can quickly and easily avoid this with a few phone calls.
Financial Advice for Women: Tracking Your Spending
During your divorce, you will start splitting up your assets. Many people have no idea how to do this properly. A good way to gauge how much you need is tracking the amount you spend on a monthly basis. From there, you can begin to determine the amount you’ll need to start living on your own.
Financial Advice for Women: Should You Look for an Accountant
It’s a good investment to hire an accountant or money coach to help you sort out your affairs. While they do have a fee, you can actually learn a lot about financial literacy. If you’re not used to planning for your financial future, doing so becomes a necessity. Becoming more knowledgeable in this subject will help you in the future, well after your divorce.