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How can I bounce back from a divorce financially?

Divorce can have a devastating impact on your finances. As a result, many people find themselves struggling to make ends meet in the aftermath, whether due to child support payments or division of assets. Entrepreneur offers the following advice in this case, which can help you bounce back after the end of your marriage.

The first step involves taking an inventory of your current financial state. Consider your current income minus debt and recurring expenses. Be sure to factor in any changes that went into effect since your divorce took place, including reduced savings or loss of property. Once you have a good understanding of the state of your finances, you can then take steps to work on creating a budget.

When it comes to your budget, your financial inventory is essential. For instance, if you’re struggling to pay bills, you’ll need to devise an immediate method of increasing income or cutting expenses. If you’re having trouble building up your savings, cutting unnecessary expenses should be your top priority. You can do this by not dining out as much, making coffee at home, and scaling back on entertainment expenses.

Retirement accounts are another important aspect of financial planning. After your divorce, revisit your retirement accounts to ensure they are correct when it comes to beneficiary designations. These are used during estate planning to determine who should receive the proceeds of the deceased’s retirement funds. If your former spouse was named, this person will receive those funds no matter what other estate planning documents have to say about the matter. Also, take a look at life insurance policies to make sure the right person is named. If you have questions about the financial aspects of estate planning, be sure to contact an attorney for support. 

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