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How to budget after a divorce in Florida

On Behalf of | Jan 12, 2021 | divorce

Getting a divorce has an impact on every aspect of your life, perhaps none as significantly as your finances. Knowing how to put yourself in a position to prosper financially after a divorce is one of the most important steps you can take. Florida residents who have gone through a divorce can take some steps to create their post-divorce budget.

Make a new budget

There are hundreds of budget templates available for free on the internet, so finding one shouldn’t be a challenge. Hopefully, you had a budget in place when you were married, but that one is no longer applicable. Take the time to sit down and create a written budget that you will live by now that you are operating on a single income.

Work on your own credit

It is not uncommon for people who have gone through a divorce to see their credit scores suffer. One of the most important steps you can take after a divorce is to work on boosting your own credit score. Make sure that your ex’s name isn’t on any of your credit cards so he or she cannot use the cards, and then begin the process of increasing your own credit score.

Shop for insurance

You may have been on your spouse’s health insurance plan when you were married, so you will need to find your own insurance going forward. You will also have to consider vehicle insurance, home insurance and even life insurance. Spend some time looking at all of your options when it comes to insurance and find those that fit your needs while still being budget-friendly.

In addition to a divorce lawyer, you should contact a financial planner who can help you rebuild financially after a divorce. Surrounding yourself with a team of professionals is imperative when adapting to your new normal.