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Reassessing financial priorities after a divorce

Getting a divorce is one of the most financially-tumultuous events a person can go through. After determining everything with your former spouse, it is paramount to turn your focus toward the future. There are several steps to accomplish this, as outlined by U.S. News

You will undoubtedly lose something in the divorce. It may be an important asset, such as a car. You and your spouse may also need to sell the house to divide the funds, if necessary. When this happens, you need to regain your financial footing. Here are some steps to take to reassess your financial priorities after a divorce, so you can start rebuilding. 

Change your goals

Once you are on your own again, you may have to reassess what goals take priority. Perhaps you were a stay-at-home parent, but now, you have to support yourself. You may have to go back to school to relearn skills and to change careers. 

Plan now for medical care

Even if you are still relatively young, you need to plan for future medical care immediately after divorce. You may have been on your spouse’s healthcare plan through his or her work, and now you have to figure something out. If you are still young, then you may be able to find a relatively inexpensive healthcare plan for yourself. You also need to start saving for the future. In the event that your work offers some kind of 401(k), you should seriously consider taking advantage of it. 

Alter beneficiaries

You should have an estate plan in place that goes over how the state should distribute your assets. Your spouse likely plays a large role in this estate plan, so after you finalize the divorce, you need to change these documents. It is especially important to do if your ex-spouse has power of attorney. You would probably want to change this to someone you would want in charge of your finances if something were to happen to you.