10 tips for organizing finances after divorce

Organizing finances after divorce is a fundamental issue after a separation. An orderly transition of the economy, which will go from marital to personal, can facilitate the process.

The Civil Registry and Capacity of The People of the City of Buenos Aires reported that 4,480 couples decided to divorce during the first year of the pandemic. But what about the economic and financial situation of each of the parties?

“There is no doubt that when two people decide to break up their marriage they must reorganize many aspects of their life and one of them is to restructure their financial situation. For example, when joint liabilities must be cancelled, each member can take out an individual credit and assume their share independently,” says Florencia Valdes, Marketing Manager at Adelantos.com.

 

To make this easier, the experts of this online lending company provided a series of tips:

  1. Make an inventory: talk and reach an agreement to solve the expenses that you have together.
  2. Reach a consensus: to avoid unforeseen expenses or future accumulations of debt in lawsuits and lawyers. Compensatory agreements can be reached that satisfy both members.
  3. Establish a child pension: a joint plan must be put together to define fair amounts and the commitments that will be assumed by each of the parties.
  4. Manage debts: ijar a convenient payment plan and that the distribution is equitable according to income.
  5. Close shared accounts: With divorce already consummated, it is important to close the bank accounts they opened in the past.
  6. Change passwords and data: Update personal data in all documents or applications.
  7. Do the math: restructure the budget to have a clear perspective of the personal economy.
  8. Put together a new budget: to be able to make ends meet with some solvency it is advisable to put together a budget with all the expenses.
  9. Keep a positive mind: think about starting a project to generate new income and save.
  10. Financial education: acquire financial knowledge and skills.

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