A Florida divorce can put a strain on your finances. However, you can get back on track by taking certain steps to be financially independent after your divorce is final.
Be realistic with your financial goals
After a divorce, it’s often necessary to be realistic with your financial goals. For example, you may have always planned to travel around the world, but that’s not practical for most people. Reevaluate what you want to do and be realistic with your goals for the future whether it involves something serious such as work or education or leisure.
Create a realistic budget
A major step toward financial independence after a divorce means creating a realistic budget that you can live on. Go through your financial accounts to see what you have and consider your weekly and monthly expenses to determine what you can comfortably afford. You may need to readjust your budget for your new financial situation compared with what you were used to during your marriage. That might mean cutting out certain unnecessary expenses.
Close out joint finance accounts and open new ones
You should close any joint financial accounts you held with your former spouse that are still open. The point is to start fresh after a divorce to regain your financial independence. This includes bank and credit accounts.
Once you’ve closed those accounts, you can work on opening new accounts solely in your name. You should keep at least $1,000 in a checking account and place most of your money in savings so that it can earn interest and you can have an emergency fund.
Check your credit report to see if your credit score needs work. If you find any errors, they should immediately be reported to the credit bureau to be repaired. You can then open a credit card in your own name and gradually build a strong credit history.
Being financially responsible after a divorce can make you financially independent.