08/14/2021 6:01 AM
Clarín.com
Relations
Updated 08/14/2021 6:01 AM
Organizing finances after divorce is a critical issue after a separation.
An orderly transition of the
economy
, from matrimonial to personal, can ease the process.
According to a report by Statista, in 2019 almost 123,400
marriages
were registered
in Argentina.
Meanwhile, in 2020, with a pandemic in between, the number of marriages celebrated decreased to 3,861 and it is estimated that, in the spring of 2021, the wedding boom and the reactivation of the sector will arrive.
The Civil Registry and Capacity of the People of the City of Buenos Aires reported that 4,480 couples decided to divorce during the first year of the
pandemic
.
Now, what happens to the economic and financial situation of each of the parties?
“There is no doubt that when two people decide to break up their marriage they must reorganize many aspects of their lives and one of them is to restructure their financial situation.
For example, when joint liabilities must be canceled, each member can take out an individual loan and assume their share independently, ”says Florencia Valdes, Marketing Manager at Adelantos.com.
Reorganize the economy, a fundamental axis after the divorce.
Photo illustration Shutterstock.
To make this easier, the experts at this online loan company provided a series of tips:
1- Make an inventory
Faced with a separation or divorce, the first thing we must do is talk and reach an agreement to resolve the expenses that are jointly owned, be it the children's school, loans requested, mortgages, car payments, insurance or balances in the credit cards.
Make an inventory of what is in the conjugal partnership, see what each one contributed, what is beneficial and how to make the division.
Achieving consensus is essential.
Photo: Shutterstock illustration.
2- Achieve consensus
Consensus is essential to avoid unforeseen expenses or future accumulations of debt in lawsuits and lawyers.
Compensation agreements that satisfy both members can be reached, such as selling the shared assets and dividing the result of these operations.
If the couple has businesses or joint ventures, we recommend maintaining the business vision.
3- Establish a pension for children
If there are children, the scope, amount and sustainability of the children's pension must be established (includes food, studies, health, housing and insurance).
A joint plan must be put together to define fair amounts and the commitments that will be assumed by each of the parties.
4- Manage debts
If a debt is the only thing that continues to bind you to your ex-partner, it is essential to set a suitable payment plan and that the distribution is equitable based on income.
Establishing the pension for the children is essential.
Photo Shutterstock.
5- Close shared accounts
With the divorce already consummated, it is important to close the bank accounts that were opened in the past, check which are the automatic debits that do not correspond and cancel the extensions of the credit cards.
6- Change passwords and data
It is possible that in the first months it is not something that people notice, but it is necessary to update the personal data of all documents or applications, such as address, postal code and fundamentally marital status.
End of marriage also means new passwords.
Photo Shutterstock.
7- Do the math
Keep in mind that the divorce process involves an expense and that there are lawyers involved.
Therefore, it is necessary to restructure the budget to have a clear perspective of the personal economy.
8- Create a new budget
Going from a household with two incomes to one is quite a blow to the pocketbook.
In order to make ends meet with some solvency, it is advisable to put together a budget with all expenses.
In this way, you can quickly see where the money is leaking or what the unnecessary purchases were.
It is advisable to design a new budget.
Photo: Shutterstock.
9- keep your mind positive
Once the stage of finances as a couple is closed, it is recommended not to carry out large operations, but to think about starting a project to generate new income and save.
You can apply the 50-30-20 methodology, which is very easy to achieve.
This method consists of contributing 50% of the income to fixed expenses;
30% to variable expenses and 20% to savings.
10- Financial education
Improving or acquiring financial knowledge and skills not only helps with good daily decision making, but also with the planning of future investments.
Look also
7 mistakes to avoid if you are getting divorced
How to Separate Sensibly and Minimize Pain to Children
Road to Divorce: Sexual, Emotional, and Legal Aspects of Separation
