Divorce is as much about starting a new life as it is about ending a relationship. One of the most important things you can and must do for yourself when starting new is to make good decisions about your finances. Whether or not you handled the finances in your marriage, now that the divorce is finalized the decisions are all yours to make. Here are some expert opinions about what to do and what not to do when it comes to your financial future.  

1. Know what you have:
“One of the most immediate things is to get a good handle on your assets, your income and your expenses,” says Craig Hyldahl, Financial Advisor with AXA Advisors and a Certified Divorce Financial Anaylst. “It’s easy to figure out income, what’s a little more difficult to figure out are expenses. You have to understand you’re not going to have the same lifestyle as prior to the divorce and things are going to keep changing. What may make sense today might change drastically over time, so keep meticulous track of your expenses.” In the process of your divorce, hopefully you began keeping photocopied records of all your bank statements, credit card accounts, tax returns and other financial information. It’s important to hold onto all these records and stay in the habit of keeping meticulous financial records so you know how much you spend, how much you owe and how much you make at any given time.  

2. Think about where you're going.
If your divorce was just finalized, you may want to get a jumpstart on your financial decisions, but this isn’t necessarily the best approach. “Rushing is one of the worst things you can do,” says Hyldahl. “Oftentimes rushing means making decisions one at a time, when actually you shouldn’t make isolated decisions when it comes to your finances. There are so many intertwined areas it makes more sense to take your time and then take action all at once.” Hyldahl also advises taking your time when hiring a financial advisor, since doing your finances is more personal than just numbers. “You really need to trust your advisor, so interview several before making a decision to go with one.”  

3. Keep track of your credit rating.
Another important financial tip is to stay informed about your credit rating. “Do a credit check both during and after your divorce to make sure there are no surprises,” says Barbara Shapiro, co-owner of HMS Financial and a Certified Divorce Financial Analyst. “Also, be sure to change your beneficiaries, update your will and always keep your divorce decree close at hand as you will refer to it regularly over time (especially if you have kids).”