Fall Financial Planning: Managing Money After Divorce

# Why fall is a good time to act

# Build a realistic post-separation budget

Start with essentials: housing, utilities, transportation, childcare, insurance and food. Add recurring obligations such as legal fees and support payments. Then list discretionary items and trim where necessary. The goal is a monthly cash-flow picture that shows income sources and unavoidable expenses so you can identify shortfalls and priorities.

# Know your income sources and new expenses

# Managing support payments

If you receive or pay child or spousal support, record each transaction and keep the agreement or court order accessible. Incorporate those payments into your budget as fixed items. If your situation changes materially, seek legal advice about modifying the arrangement.

# Rebuilding credit and separating accounts

If you relied on a spouse's credit, begin building your own profile: pull your credit report, monitor joint accounts, and make timely payments. Identify joint bank and investment accounts and determine ownership. Don't rush to transfer or liquidate assets without understanding legal and tax consequences.

# Review mortgages, loans, and other debts

List all liabilities—mortgages, lines of credit, car loans and credit cards—and determine which ones you are legally responsible for. Explore refinancing or restructuring options to match your new income and reduce monthly pressure.

# Update legal and financial records

Review beneficiaries on life insurance, pensions and registered accounts. Check wills and powers of attorney. Some changes may be constrained during an active separation or divorce, so confirm what you can update immediately and when professional help is needed.

# Tax implications to consider

Separation affects filing status, deductions, credits and the tax treatment of support or property transfers. Anticipate how changes in dependants, childcare costs and asset transfers could alter your tax bill and plan accordingly.

# Build an emergency fund and safety net

# Plan beyond the short term

Think about housing goals, retirement savings, investment strategy and education costs. A longer-term financial plan converts short-term adjustments into a manageable path forward.

# Practical next steps

• Inventory income, assets, debts and recurring expenses.
• Create a month-by-month cash-flow statement.
• Separate joint accounts where appropriate and rebuild credit individually.
• Keep records of support payments and legal documents.
• Update beneficiaries and estate documents as permitted.
• Start or grow an emergency fund and review insurance.

There is a webinar on September 22 at 5 PM ET on this topic offered by the author for those who want guided discussion of these issues.