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How to Get Your Finances Back on Track After a Divorce

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  Taking charge of your money after a divorce will feel daunting, especially when you're faced with a lower income. The key is tackling your to-do list in stages.
After a divorce, getting your finances back on track involves several key steps as outlined by Kiplinger. First, assess your new financial situation by reviewing your income, expenses, and any changes in assets or debts. It's crucial to update your budget to reflect your new circumstances, possibly cutting back on discretionary spending. Next, focus on rebuilding your credit if necessary, by ensuring all joint accounts are closed or transferred, and monitoring your credit report. Rebuilding an emergency fund is also vital, aiming for three to six months' worth of living expenses. Additionally, revisiting your investment strategy and retirement plans to align with your new financial goals is important. Finally, consider consulting with a financial advisor to help navigate this transition and plan for long-term financial stability.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/personal-finance/how-to-get-your-finances-back-on-track-after-a-divorce ]