A divorce can change so many parts of your life, including your finances.
You may be going from two incomes to one, moving into a new place, or figuring out bills on your own for the first time in a long time. You also may be deciding what to do with things you once shared, like a home, bank accounts, or even jewelry.
This can all feel like a lot going on in your life all at once.
Thankfully, though, you don’t have to figure everything out all at once – taking it all step by step can make you feel more in control again.
Here’s what to do after a divorce financially.
The first step I recommend you do is to understand your financial situation right now.
You should look at things like:
This is a good step to take because you can get a better picture of where you are financially, and then make a real plan for your future.
You’ll want to make a budget based on your new life because a lot may have changed.
A budget is great because you’ll be able to understand where your money is going, which makes it easier to stay on track.
And, a budget doesn’t have to be complicated. You can start with your big expenses, like:
Then add in things like how much you want to put towards retirement each month, childcare, fun spending, clothing, and more.
If you haven’t already, it is a good time to make sure everything is in your name that is supposed to be in your name.
This can include:
You’ll also want to close or separate any joint accounts, update your will, and update your beneficiaries on things like life insurance and retirement plans.
After a divorce, it’s a good idea to check your credit report so that you can make sure your identity and credit aren’t being used in places that you don’t want.
This makes sure all accounts are correct and that there are no mistakes or accounts you didn’t expect. It can also help you see what debts are still in your name.
You can get your credit report for free at AnnualCreditReport.com, which is the official site authorized by the federal government.
On this site, you can get your credit reports from all three major credit bureaus – Equifax, Experian, and TransUnion. With your credit reports, you can catch any errors or accounts that may still be tied to your name.
Having an emergency fund is very important, especially after a divorce.
You just never know what expenses may come up and surprise you, and an emergency fund can help so that you aren’t as stressed and so that your only option is just high interest credit card debt.
An emergency fund can cover unexpected expenses like:
You can start small if you don’t have one yet, because even $1,000 can make a difference.
And, over time, you can work your way up to saving 3 to 6 months of expenses.
Decide what to do with your assets
After a divorce, you may need to make decisions about different assets, such as:
This can be emotionally hard to do, and you don’t have to rush this step. So, you may want to take your time and think about what makes the most sense for your life right now.
You might ask yourself:
Everyone’s situation is different, so it’s important to do what feels right for you.
What to do with jewelry after a divorce
Jewelry can be one of the hardest things to decide on.
You may have an engagement ring, wedding band, or other pieces that remind you of your past relationship.
Some people choose to keep their jewelry for sentimental reasons. Others pass it down to a family member or even repurpose it into a new piece (such as by using the diamond).
And, some people decide to sell it.
For some people, it can be a good way to move forward and turn something they no longer use into something positive (extra money!).
Selling jewelry after a divorce can give you extra money that you can use for the next chapter in your life.
For example, you might use the money to:
Or even go on a relaxing vacation!
Instead of letting valuable items sit in a drawer, you may be able to turn them into extra money.
There are a few ways to sell jewelry, such as through Worthy.
With Worthy, the process is simple:
How much you receive depends on things like the quality of your item, the type of metal or gemstone, and current market demand.
If you want a more detailed look at how the platform works and what to expect, you can read my full Worthy review here.
There’s no one correct way to handle money and your finances after a divorce. Everyone is different, and all situations are different.
Plus, some decisions can be emotional.
Give yourself time to think things through and make choices that feel right for you.
What works for someone else may not be the best fit for your situation.
Divorce is a big life change, but it can also be a fresh start.
By understanding your finances, creating a plan, and making thoughtful decisions, you can rebuild with confidence.
Whether you’re budgeting, saving, or deciding what to do with assets like jewelry, each step you take is progress.
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