Divorce is a sad reality in life.
As reported, one out of three marriages end in divorce in the US alone.
Aside from the emotional pain that comes with divorce, several financial issues will also emerge.
If you're in this situation, whats things should you do to clear your self from the threat of bankruptcy? Here are some financial tips you would want to consider: Find a new home If moving to a new house is an issue, you need to be very careful in choosing or purchasing a new home for you and your children.
Make sure that you carefully research not only on the property you'll buy but with the mortgage lender you will apply for as well.
Consider getting a pre-approval with home loan first because it will give you an advantage when you negotiate with a home seller.
It will also give you an idea on the exact loan you can afford when you're choosing prospective homes and it will save you from taking much time looking at homes that is out of your budget.
Be financially independent Joint bank accounts or credit card extensions must be changed.
You should open up a new account that is yours alone.
This will prevent possible problems in the future.
Opening up your own account is also crucial especially if you'll be applying for new loans.
Don't forget to open a savings account where you can set aside your personal savings for you and your kids.
You should have a separate savings for minor and major emergencies.
Build your savings account so that you can have enough funds to last you and your children for at least six months in case you need to find another job or in case you get sick and unable to work.
Create a new budget system.
After your divorce, there will be some adjustments not only with your expenses but with your earnings as well.
A written budget will help you keep track of your monthly income efficiently so you wont miss any of your bills and financial obligations.
It will also help you cut your costs and take away unnecessary expenses from your budget.
Get an insurance policy.
Apply for an insurance policy not just for you but for your children as well.
Don't just rely on your ex-spouse when it comes to the security of your children.
You may need to get a part time job to help you with the expenses that you now have to face on your own.
Always check the background on the legitimacy and reputation of the company before getting into business with them.
Keep in mind that there are a lot of home based business scams out there that can catch you off guard because of your current situation.
Get help.
When it comes to the legalities of divorce, do consult with a professional divorce lawyer.
Find a credit counseling company that is reputable and legitimate as they can help you manage your finances more effectively.