Florida Info

Florida Divorce Start Your Divorce Find Professionals Florida Articles Divorce Facts Divorce Grounds Residency Divorce Laws Mediation/Counseling Divorce Process Legal Separation Annulments Property Division Alimony Child Custody Child Support Divorce Forms Process Service Grandparent Rights Forum Florida Products Divorce by County

Florida Articles

Agreements Attorney Relationship Custody & Visitation Child Support Collaborative Law Counseling Divorce/General Financial Planning Mediation Parenting Property Division Spousal Support SEE ALL

Info Categories

Contemplating Divorce Children & Divorce Divorce, Dollars & Debt Divorce Laws Divorce Process Divorce Negotiation SEE ALL

More Information

Articles Checklists Research Center Cases of Interest Dictionary Encyclopedia Encyclopedia (pop-up) Blogs

For Professionals

Advertise With Us Free Network Page Join Our Network Submit Articles Sign In

Network Sites

Florida Divorce Support Florida Divorce Online

Tips to Help You Rebound Financially After an Uncontested Divorce - Part I

Even the most amicable of uncontested divorces will have an impact on your finances. In addition to the loss of your spouse’s income, you can also lose your moral support, retirement benefits, and often safety net that comes from having a partner. By following a few important steps, however, you can quickly start getting your financial life and health back to previous levels.

#1: Rethink Your Retirement Planning

Money is often tight following a divorce. Both spouse’s monthly budgets will generally increase as one set of household expenses multiples to two. Due to financial constraints, some divorcees decide to forego saving for retirement or even dip into retirement savings. This is a costly mistake. You need to reassess your budget and make the necessary adjustments that will allow you to continue to set aside money for your retirement. While a momentary pause on short-term investments is understandable while going through a divorce, you should attempt to resume investing as soon as possible.

Following a divorce, it is also an ideal time to rebalance your investment portfolio. Spouses often diversify their assets, with one spouse investing in a 401(k) while the other used a Roth IRA. Now that you are flying solo, you may need to adjust your portfolio so that it is diversified enough all on its own. Be sure all of your assets are working together.

#2: Rebuild Your Credit

In many marriages, one spouse ends up doing the bulk of the borrowing. Sometimes one spouse has better credit than the other, allowing for better interest rates. Other times, in dividing household tasks, matters involving money, including applying for credit, end up being handled by one spouse. Either way, it is quite common to see joint debts rest in only one spouse’s name.

If you did not have a strong credit history or score while married, you will need to build up your credit after a divorce. Be careful to proceed cautiously and not take on new debt. You could start building your credit history with a secured credit card or a starter loan from a credit union.

Another possible method is to ask your landlord to report your timely rent payments to the credit bureaus. This can help you build a positive credit history that is not associated with your former spouse. Rebuilding your credit score as soon as possible after a divorce is an important part of achieving financial freedom and success on your own. It will also pay dividends later on when you apply for a mortgage or car loan.

#3: Update Your Estate Planning

Your estate plan will likely change drastically following a divorce. You may already have a will or trust setting out your beneficiaries, executor, and choice of guardian for your minor children in the event of your death. Chances are, your designation for these important positions will change after a marital split.

It is crucial that you update your will, along with any living wills, trusts, powers of attorney, health care proxies, or other estate planning documents after a divorce. Be sure to name an executor who will carry out your last wishes as you desire.

Was this helpful? Like our site & let us know.

Related Articles

Start Florida Divorce Start Your Florida Online Divorce Today
Easy, Fast and Affordable with a 100% Guarantee.
Florida Divorce Find Florida Divorce Professionals in Your Area:
Join the Network
Florida Divorce Products, Services and Solutions Florida Divorce Products, Services and Solutions
Florida Divorce Resources to Help You Through the Process.
Online Parenting Class Florida Mandatory Online Parenting Class
Easy and convenient - complete at your own pace online.
Divorce and Custody Books Discount Divorce Bookstore
Over 100 Titles of the Best Books on Divorce & Custody.
Divorce Downloads Divorce Download Center
Instantly Download, Books, Manuals, & Forms.
Divorce Worksheet Free Florida Divorce Worksheet & Separation Agreement
Your Guide to Get Organized and Put Everything in Writing.
An uncontested divorce means that the spouses agree on the division of marital property, alimony, and child custody, support, and visitation. The spouses sign a Marital Settlement Agreement and go to court for a quick hearing to finalize the divorce. The cost of an uncontested Florida divorce is usually minimal. It generally takes 30 days after the parties sign the Marital Settlement Agreement for the court to finalize the uncontested divorce. This time will vary depending on how busy the courthouse is, but an uncontested divorce with both spouse's participation is typically the fastest.
Divorce Lawyers & Mediators

Find Professionals

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code:


Start Your Divorce File for a Florida Divorce


Settle Your Divorce Negotiate Your Florida Divorce


Support Forum Florida Support Forum

Guarantee Official PayPal Seal Facebook Twitter Versign Secure Site