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A12 BUSINESS
Tuesday 21 November 2023

Taking these financial steps could help

post-divorce recovery

cial shock of divorce. She
suggests giving yourself mi-
crogoals to avoid feeling
overwhelmed.
“Everybody’s financial situ-
ation is different, but you
can start off with $100 and
then let’s go to $300, then
$500” and onward, Reese
says. While it’s ideal to save
three to six months’ worth
of expenses, she acknowl-
edges that amount is im-
possible for many people
and says a smaller goal
A couple watches the sun set from a park, July 10, 2021, in can be more motivating.
Kansas City, Mo. BUILD CREDIT IN YOUR OWN
Associated Press NAME
Opening bank accounts
By KIMBERLY PALMER of after a divorce may mean and credit cards in your
NerdWallet you have to do more with name only, if you had not
Jamie Lima remembers his less. “You want to start to previously done so while
divorce six years ago as look at, ‘If I walk away with married, is also a criti-
one of the most emotion- half the assets and these cal step toward rebuild-
ally draining and financial- are my income streams ing finances post-divorce,
ly challenging experiences and this is my lifestyle, what Voisin says.
of his life. As a result, he will I have to do?’” says “It’s important to build
resolved to use his profes- Erin Voisin, CFP and direc- credit in your own name,”
sional background as a tor of financial planning at Voisin says, as well as save
certified financial planner EP Wealth Advisors in Tor- for retirement in your own
to help other people going rance, California. The an- account, update your
through similar situations. swer might be changing real estate documents to
“I want to make sure other your spending habits and reflect the correct owner,
people don’t step on the adapting to a new bud- and update any ben-
same land mines and be get, she adds. eficiaries listed on your fi-
an advocate for them,” “Your whole timeline of nancial and life insurance
says Lima, founder of the your life might also have accounts. This multistep
Ramona, California-based to change,” says Megan process can take several
Allegiant Divorce Solutions, Kopka, CFP and founder months or longer.
a financial planning com- of Kopka Financial in Wilm- While marital status is not
pany that helps people ington, North Carolina. You reflected on credit reports,
going through divorce. might need to delay retire- getting divorced can indi-
While the financial aspect ment or put off a career rectly impact your credit
of divorce is often over- change, for example. “A because of shared ac-
shadowed by the emo- lot of people are basing counts or if you used credit
tional impact, rebuilding their mortgages and life- cards only as an authorized
finances after the dissolu- styles on two incomes, so user on your spouse’s ac-
tion of a marriage can be everybody has to reassess” counts. Post-divorce, it can
an integral part of overall following divorce, she says. be a good idea to request
recovery. Lima and other REBUILD YOUR SAFETY NET your free credit report to
financial experts recom- Dominique’ Reese, CEO of make sure it no longer lists
mend following these steps Reese Financial Services, your former spouse’s ac-
to navigate the financial a financial coaching firm counts or accounts previ-
challenges post-divorce: in Los Angeles, says many ously held jointly but no
ADJUST TO YOUR NEW people also need to re- longer yours.
CASH FLOW build their savings after GET HELP FROM EXPERTS
A separation of finances going through the finan- Given how complicated
the financial aspect of di-
vorce can be, sometimes
turning to professionals can
be worth the cost. “Before
you hire your attorney, hir-
ing a certified divorce fi-
nancial analyst to help you
with finances and a good
divorce coach to guide
you through the emotion-
al aspect can help a lot,”
Lima says.q