Rebuilding Your Financial Life After Divorce

Rebuilding Your Financial Life After Divorce - finances, divorce, collaborative divorce - Photo by NORTHFOLK on UnsplashAs we start into 2020 and you are starting to write your new life book, you have decided that it is now time to take a look at your finances and develop a financial plan to rebuild your financial life after divorce.

To rebuild your finances, there are several steps you need to take first, here are some thoughts we like to share with our clients:

  • Define your goals
    • Is your goal to be completely debt-free, reduce your debt by a certain percentage or dollar amount?
    • Be specific
    • Set short term and long-term goals
  • Develop a plan
    • Break down your goals into small sizable steps
    • Set checkpoints along the way to make sure you are on track
    • What are you willing to give up in your daily spending habits to achieve your financial goals?
    • Take a look at your reoccurring monthly bills to see how they can be reduced
    • How can you generate more income?
  • Get started ASAP
    • Set up a savings account or begin investing
      • Getting started quickly can help ward off making excuses and procrastinating
      • Even starting small can yield sizable benefits to meeting your financial objectives
    • Start building credit in your name
      • This will help your credit score increase
    • Change your withholding taxes for federal and state taxes

When you utilize the experts in the Los Angeles Collaborative Family Law Association, you can reduce your anxiety and stress because you will know that when your divorce is finalized, each party involved, including your children will be ready to face the future with confidence.

Call us today if you would like to learn more about how our members at the Los Angeles Collaborative Family Law Association can help you and your family through your divorce and preserve your family!

Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.

 


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