- You got married… Sorry we could not help ourselves. And if ever there was a time for a laugh, we thought this was it.
- Neglect to create a budget after the divorce. It’s very important after a divorce that you confront your financial needs and your current financial limitations. Will you be getting alimony? Paying alimony? Avoid “treating yourself” to big ticket items that may hurt you financially. Visit http://www.utahcreditcoach.com for a free budget calculator.
- Not cutting the financial ties and making a clean definite break from your ex. Don’t let your credit be unnecessarily destroyed. Hope for the best, but plan for the worst. Cut these ties quickly and be adamant about closing all joint accounts.
- Filing your taxes without consulting a professional CPA for tax advice. Should you file joint or separately, who gets to write off the kids, the house, the business expenses? Make sure you are taking into account key credits and deductions that may affect your return and liability. (http://www.divorcesource.com/info/taxes)
- Not making time to plan for long term financial goals (retirement, children’s college funds and weddings, etc.) These are all important items that beg for help from a professional advisor. Ask us for a referral if you don’t have one!
P.S. (We’re making up for number one) Forgetting to update all your beneficiaries on every investment, retirement, savings account, insurance policy, Will and Trust.
P.S.S. Neglecting to check your credit report. You need to see what your credit score is currently and what accounts are in both of your names. Once the divorce is final, many people need to start improving their credit score along with establishing new credit in their name only. For more great credit coaching information visit www.UtahCreditCoach.com
