Managing Divorce

Reduce your financial stress

When a marriage ends, it's impossible not to feel overwhelmed by the many changes happening all at once. Yet this is the time to begin sorting through finances, dividing assets, and making plans for the future.

If your spouse has been in charge of managing the money, investing, and paying the bills, your first step is to take control of your own finances.

• Open a checking account in your own name only. You'll start to build a credit history, which will open new options as you move ahead.


• Begin to separate your money from your spouse's. Many of your monthly bills (like mortgage and utilities) will stay combined for as long as you both reside in the same home. But if you have income of your own, this is a good time to stop funneling it through a joint account. Instead, write your spouse a check for the shared bills and pay your own, such as your cell phone bill or car payment, directly.


• Plan ahead. You may not be able to anticipate all the upcoming changes, but taking mental inventory of your financial situation could help you avoid trouble later on. Scale back your spending for the time being. If you haven't been employed outside the home, begin your job search as soon as you can.


• Build a new budget. Knowing in advance what your living expenses will be could influence your decision to keep or sell the house or make other significant changes.

If you're coping with a divorce, the resources here will guide you through some of the key issues that often surround the divorce process and creating a new life for yourself.