Your Money after divorce: Wealth-Wisdom

So you’ve received your decree absolute, the dust has settled and you’re ready to start afresh. It’s time to get your financial house in order.

If you have had to move house. Change your address with all organisations with which you have an association.

Do a credit file review. Experien and Equifax are currently offering a free 30 day online report. Call Credit still charge.

If you remain in the same property after your divorce, make sure to file a notice of disassociation/correction to separate your finances from your previous partner.

Check your file again in a couple of months to ensure any previous joint accounts or associations have been removed.

If you have debt, create a debt management plan and stick to it.

Always open all your mail.

Now it’s just you, create yourself a budget detailing your income and expenses and stick to it.

If you have children, include their expenses in your plans. These could include sporting activities or musical tuition.

Undertake a full wealth review to determine your net worth (assets and liabilities) and put a date in your diary to do it next year. I use my birthday so I always remember.

Review all your assets, pensions, investments, savings, stocks, wills and trusts, death in service benefits and property.

Follow up and confirm your financial settlement with your solicitor to ensure everything is finalised as directed by the court.

Check that all joint bank accounts have been closed, especially current accounts or savings accounts.

Set yourself goals for your new life and new financial ideals and remember to update your goals periodically.

Feed your mind, body and soul with dreams, ideals and actions you would like to dominate your new life.

Remember to smile. Your bright future awaits your creation.


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