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How to Manage Debt after Divorce

Divorce and Picking up the Pieces

One of the most difficult aspects of getting a divorce is managing your life under different financial circumstances after the separation. It’s usually unfamiliar territory for both partners and going it on your own can be a scary proposition. Many people find themselves in debt or even bankruptcy because they were simply unprepared for managing their debt and finances after divorce. If there’s any silver lining, it’s that millions of people have gone through divorce before you and you can learn how to handle your finances through their experiences. Here we’ve compiled some important information you should know about managing your finances after divorce.

Managing Finances after Divorce

  • After your divorce has been completed, one of the first steps you’ll take is becoming financially independent from your former partner. You’ll want to close any accounts associated with you and your spouse then open new accounts in your own name. Try to get a new checking and savings account as soon as possible, along with credit cards that are only in your name.
  • Since you won’t have the financial cushion that comes from managing two incomes, you need to make sure you can protect yourself from unforeseen expenses. Things like car repairs and trips to the doctor can cost thousands of dollars, so start setting up an emergency fund right away.
  • Sometime after your divorce is finished and you believe your name is no longer linked with your spouses’ on any accounts, you are strongly advised to view a copy of your credit report. This way you can make sure that your name is not associated to any debts or accounts that you are no longer responsible for.
  • If you have a significant amount of debt after your divorce, you may want to consider hiring a debt counselor or enrolling in a debt management program. They can help you create a custom budget that fits your needs and gets your debt paid down as quickly as possible.

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