Tips for recovering financially after divorce in Georgia

 

Find out how to keep your finances in good shape during your divorce to ease the shift from one life chapter to another.

There is no denying that you might feel as if you have a never-ending list of things to do while getting a divorce in Georgia, but it is absolutely vital that you devote a great deal of time and attention tending to your finances and assets. No matter if you were the husband or the wife, renovating your financial house is important if you hope to start the next chapter of your life on a positive note.

Start the updating process

One of the first things you will want to do is start updating all your current accounts. Depending on if you have changed your last name, you might need a new driver’s license, passport, Social Security card and the like. You might also need a new car title, insurance cards or credit/debit card. Go ahead and get the ball rolling on everything now, especially since it might take some time before the change is official.

Take a close and honest look at your finances and expenses

Sit down and go over your current income and any new or changed expenses you have. There might be more or fewer bills, and you might have to pay alimony. Once you have an idea of how much more or less you will be paying a month, design a new budget to help keep you on track. Additionally, it is a good idea to meet with your accountant to see how your tax situation might change because of your divorce.

Create financial goals for yourself

Just because you are no longer married does not mean that you are divorced from having financial goals. Whether it is to save more for retirement, move into a new house or pay off a credit card, having something to work towards can go a long way in helping you to keep motivated and focused during this transition. Once you have a list of goals, figure out how you are going to meet them.

Concentrate on your credit

If you need to take out a loan to help you during this new chapter of your life, your credit score can either help you or hurt you. Order a free copy of your credit report so that you can determine how much work you have ahead of you. Do what you can to improve your credit score, even if you think you already have a decent score, so you can get the most favorable interest rates should you ever need to take out a loan.

Ending your marriage in Georgia does not have to be a complete financial disaster. Besides working with a financial advisor, be sure to talk to a legal professional for additional financial tips during this time of your new life.