How To Rebuild Finances After Divorce And Take Control Of Your Life Again

Posted: May 5, 2017

Divorce can break apart your life, but to be able to deal effectively with it, you must have control over your money. Here’s a look at how to rebuild finances after divorce.

Undoubtedly Divorce is one of most difficult decisions to make or accept in life. Am sure unless one believed that it was a hopeless situation, one would not want to make this choice.

Bitter, angry, sad, confused, are probably some of the emotions that could describe you during this phase. Further, post-divorce, you could feel disoriented and confused, added to this are the various questions, suggestions coming your way (mostly unasked for) from friends and family.

So as you deal with issues like social acceptance, roller coaster emotions, challenges of a new life, children’s future, etc. you see your confidence eroding.

Slowly but surely you have to start picking up the pieces of your life, make peace with your past and move on. And I believe that one of the most important piece is finance.

You have bills to pay, plan for children’s (if any) future (even if the spouse takes care of it) and save for yourself.

This is one aspect in which you must take complete charge of yourself. Initially it may seem daunting and overwhelming, especially if you have not handled it before. But it’s not difficult, take it step-by-step, learning as you go, and it’s likely you will find – as most women do – that it’s empowering to make financial decisions and to be the one who’s in control of your financial portfolio.

Taking the help of a financial advisor could make the process easier, as they can not only put in a roadmap for you but also guide you through the journey.

However you would definitely need to do the following things to get on track.

  • Change of name (if you wish to)
  • Update Records. Change the name in your PAN card, Drivers license, Aadhar card, Passport, credit cards, utility bills
  • Inform your employer so that they can update their records
  • Close joint bank accounts (if any)
  • Open your single bank accounts
  • Open bank accounts for your children
  • Notify insurance companies for your life insurance, health insurance
  • Buy/upgrade your life and health insurance policies
  • Settle the property issues(if any)

Once you have sorted out all the above, you have built a strong financial foundation for yourself. At this stage your financial advisor can help you prepare a financial plan based on your goals, objectives, income etc.

Now all you have to do is stay on course, stay focused, and stay positive. As you keep achieving your goals, you will be able to reclaim your lost confidence as well.

Published here earlier.

Image source: shutterstock

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I have been in the finance and investment field for the last 15 years. I

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