Psychologists put divorce on par with the death of a loved one, losing a job and relocating as one of the most stressful events that a person can go through in life. In the face of such a dramatic life change, people often have several questions regarding transitioning from married to single with respect to finances, investmentsand real estate matters.
One of the most common questions people have after divorce is: How do I handle my finances as a single person, after being part of a couple?
Experts suggest beginning by making a list of monthly income and expenses such as rent or mortgage payments, food expenses, clothing costs and utility bills. Such a list gives a person a realistic idea of his or her financial situation and how much disposable income he or she has each month. Another technique that can help people who may not have been responsible for paying the bills while married is to make a list of the due dates of each monthly recurring expense in order to keep track of when they need to pay bills.
A change in life circumstances such as divorce raises the question: How does divorce impact my long-term financial planning?
It is wise to seek the advice of a financial planner to review investments and retirement savings plans after a divorce. A professional can discuss investment options and offer advice on the amount a person needs to save and what types of investments will help a person meet his or her goals. After divorce it is also a good time to update any investment accounts a person has, reviewing the names on the accounts and the account beneficiaries.
Many people need to sell their homes after a divorce, and wonder: What are the most important things to remember when trying to sell a house?
Real estate experts advise sellers to make sure that the price they are asking for their homes are in line with the prices of surrounding homes in the neighborhoods. The next key element is to repair any defects that the house has in order for the property to appear in the best light to potential buyers. Additionally, a seller needs to ensure that the real estate agent they hire to sell the house is giving the home proper exposure to potential buyers through open houses, internet listings, neighborhood signs and print ads.