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Nov 12, 2012

Managing Your Finances During a Divorce

Divorce is difficult. Plain and simple. Lots of things are changing, and confusion is a common feeling throughout the process. However, finances are a very important aspect of divorce, and planning for the future while going through a divorce should not be taken lightly. By staying on top of the financial aspect of divorce, it will hopefully prevent major hassles down the road.
 

Things to Consider When Re-establishing Your Personal Finances After a Divorce:

  • Order a Free Credit Report — Following a divorce, order your free annual credit report to identify your remaining debts, and determine if the reported information is accurate. It is important following the divorce to remain financially vigilant and continue to pay your debts. 
  • Establish Credit in Your Own Name — Following a divorce, it may be necessary to establish credit as an individual to start to build a credit history and credit score. This will be important if you need to make a major purchase such as a home or vehicle. 
  • Review Retirement Savings Plan and Goals — As a single individual, your retirement goals may be different than when you were married. Meet with a financial planner to discuss your dreams, and determine what you will need to save each month to live your new retirement dreams.
  • Review Insurance Policies — Review your insurance policies to determine what is necessary and appropriate for your new lifestyle. This is a great time to review your beneficiaries on the accounts and make updates as needed.

Many people have been down this road before and can offer advice on everything that needs taking care of.  The staff at Bank of Luxemburg is sensitive to each customer’s situation and will take the time and care necessary to help get answers and resolution.
 

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