Conduct a comprehensive review of income, expenses, assets, and debts to understand your post-divorce financial position

Assessing your financial situation after divorce requires a systematic evaluation of your complete financial picture. A thorough financial assessment helps create a stable foundation for your new life chapter.

Start by organizing your finances into these key categories:

• Income Sources: Salary, investments, support payments, rental income, and other revenue streams
• Monthly Expenses: Housing costs, utilities, insurance, groceries, transportation, and discretionary spending
• Assets: Property, vehicles, investments, retirement accounts, and valuable possessions
• Liabilities: Mortgage, credit cards, loans, and other outstanding debts

Once organized, create a realistic monthly budget that reflects your new financial reality. Consider consulting a financial advisor to help develop strategies for long-term financial stability and growth.