Three Steps to Ensure a Woman's Financial Security Post-Divorce

September 20, 2012 (Press-News.org) Divorce can be an especially difficult experience for women. In addition to the feelings of shock, anger and betrayal, there is a huge financial change as well. Before the divorce, most women have the assistance of a husband in meeting financial obligations. However, once the divorce is completed, many women find themselves in control of their own finances and having a difficult time finding ways to pay their bills and save for retirement without a spouse's income.

Although the task seems daunting, by taking the following steps, women can ensure that they get back on the road to financial recovery.

Make sure your accounts are updated. If you changed your name after the divorce, it is essential to your financial future that your accounts are updated to reflect your new name. If appropriate, you may need to get a new driver's license, Social Security card, passport and credit cards. In addition, you may need to update your utility providers, banks or motor vehicle titleholders with any name or address changes.

Rebuild your credit. As good credit is essential to qualify for favorable mortgages, credit cards and other financial transactions, it is imperative to work to rebuild your credit as soon as your financial accounts have been updated. Start by requesting a copy of your credit score from the three main credit bureaus and correct any inaccuracies.

If you already have a job and credit cards, rebuilding your credit is relatively easy. As long as you use your credit cards regularly and pay off the balance on time, your credit score will likely rise. If you are unemployed, on the other hand, it can be difficult to obtain credit, so be prepared for a time-consuming application process and the possibility that you may be turned down, at least initially.

Consult a professional. If you received a settlement for alimony, child support or pension rollovers as part of your divorce, it is important to develop an effective asset protection strategy. An attorney or financial advisor who is experienced in working with people going through a divorce can be very helpful in formulating a financial plan that is tailored to your circumstances. By sticking to this plan, it can ensure that you adjust your lifestyle to fit within your means.

An Attorney Can Help

Although divorce can initially be unpleasant, it can also be the start of a happier chapter in life. If you are considering divorce, contact an experienced family law attorney. An attorney can advise you of how divorce will affect your individual situation and work to minimize the negative financial repercussions that the process can bring.

Article provided by Richard T Bell & Associates PC
Visit us at www.rtbell-law.com