Bowen Ten Cardani, PC

Two convenient office locations in Henrico’s West End and Ashland

Call Us For Your Initial Consultation

804-767-6850

Need to regain financial footing after divorce? Try these tips

Anyone in Virginia who has gone through a divorce knows that it can create some financial challenges for both spouses. Suddenly, you have to pay for a whole household of expenses instead of splitting it with another person. You're also doing it with less income than before. Then, you have to address shared retirement accounts and other investments. Dealing with such a major financial change can be overwhelming at first, but there are some good ways to make things work.

First, it is important to take ownership of your finances. No matter what your role was when you were married, you are now in control of your money completely, so you have to get familiar what you have.

Once you know what you have, start to think carefully about your investments. Continuing to build retirement funds will be crucial, but it is also important to plan beyond a 401(k) or IRA. Creating a bigger investment strategy that includes a diversified portfolio will help you maximize your saving efforts. Once you know what your new expenses are, you can determine how much to invest.

Finally, update your estate plan, beneficiary designations and insurance policies. Most importantly, this means updating your beneficiaries. It's likely that your spouse was named as the beneficiary for many of your accounts and policies. Forgetting to change that after your divorce can cause major problems for the people you actually want to inherit your assets later on.

Working out your finances after divorce is not always easy. It is, however, necessary, and taking things one step at a time can help make sure you get back on your feet quickly.

Source: Daily Finance, "5 Tasks to Help You Start to Rebound Financially Post-Divorce," Hank Coleman, April 29, 2014

No Comments

Leave a comment
Comment Information
Email Us For A Response

We’re ready to work with you.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Bowen Ten Cardani, PC

Richmond Office
3957 Westerre Parkway
Suite 105
Richmond, VA 23233

Toll Free: 866-601-7371
Phone: 804-767-6850
Richmond Office Location

Ashland Office
9410 Atlee Commerce Blvd
Suite 2
Ashland, VA 23005

Toll Free: 866-601-7371
Phone: 804-767-6850
Ashland Office Location

Super Lawyers | K. Matthew Long