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Three tips to help you find financial stability after divorce

You've weathered the storm that is divorce, and final settlement papers are signed. Now life begins anew. Are you ready?

Preparing for life on your own may seem intimidating, particularly when it comes to finances. Here are three steps you can take to help you navigate the unknown and secure your financial future.

1. Review your credit report, and establish individual credit.

When it comes to credit, where do you stand? Check your credit report to make sure there are no surprises. This can be done for free once every 12 months. Make sure the information in the report is accurate, complete and updated. If your name is on accounts that are closed, take steps to have it removed.

To establish credit, take out credit cards in your own name. Begin using them and paying them off regularly. This, and paying bills such as rent and utilities on time, can help you to build your personal credit

2. Review your investment strategies and insurance needs.

A recent piece in Think Advisor discusses the importance of reviewing investment strategies after divorce. Strategies should be adjusted to reflect your individual needs rather than your needs as part of a couple.

It is also wise to take the time to review your insurance policies and to check and update the beneficiary designation. Do you have adequate coverage? Look into health, auto and renter's or homeowner's insurance. Investigate life insurance if you have children.

3. Prepare for taxes.

Make sure you are prepared for tax season. Depending on the terms of the divorce settlement, a parent may be able to file as head of household on federal returns. It's helpful to review deductions in advance and consider making changes where possible.

For guidance in handling issues related to divorce and to life after divorce, consult an experienced family law attorney.

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