Finances For Divorced/Widowed Women

When a marriage ends – whether by divorce or death of a spouse – there can be a tremendous financial impact. With less money to live on, how can you protect your financial well-being?

The first step is to get your finances organized by gathering important financial documentation such as bank account, credit card and insurance information. Then evaluate your finances with a financial professional, who can help you determine what kind of financial burdens you need to prepare for.

If you have dependent children, you may have to consider increasing your life insurance or reconsider your job situation. You may also have to refinance your mortgage to stay in your home or consider other housing possibilities. By being prepared, a divorce or death of a spouse does not have to ruin your financial picture.