Review your financial plan after a divorce

If you find yourself going through divorce in British Columbia, it is hard to look towards the future. After all, you have a lot to consider in the here and now.

Even though you may not feel like it, you need to review your financial plan after your divorce is finalized. This is the best way to ensure that you are on solid ground moving forward. Don’t be surprised if you find that a few changes here and there could help improve your situation.

One of the first things you should do is notify the appropriate parties of any changes. For example, you should contact your bank. This may lead you to cancel a joint bank account and/or credit card.

You may not think it is a big deal to act fast, but neglecting to do so could leave you in a bad spot. Remember, you never know what your spouse will do. For example, he or she could run up a large credit card bill on a joint account. If this happens, even if you were not responsible for spending the money, you will be responsible for paying it back.

Your living arrangements will also need to be reviewed. Are you staying in the same home? Are you taking on your own mortgage or rent payment? Either way, your situation is going to change.

It is a must to review your financial plan after a divorce. Some things may not change much, but there are sure to be details that require your attention. The sooner you deal with these, the sooner you can put your divorce in the past.

Source: Winnipeg Free Press, “Re-examine financial plan in divorce, separation,” Talbot Boggs, The Canadian Press, Jan. 19, 2016

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