In the Virgin Islands, divorce leads to serious financial hardships for some consumers. The divorce agreement could present them with challenges in the future as well. Consumers who need to straighten out their finances once they are divorced need sound advice. A local financial advisor helps divorced consumers rebuild financially following a divorce.
Managing Overdue Debts
After a divorce, it is likely that the consumer is facing overwhelming debts. While bankruptcy presents a solution for managing debts, it isn’t the right choice for all consumers. A financial advisor reviews the consumer’s debts and creates a better plan for settling them. The advisor can also help the consumer if they are facing the impact of debts for which their former spouse is responsible.
Rebuilding Their Credit
Next, the consumer must take steps to rebuild their credit and manage their credit history. The financial advisor can assess the consumer’s credit reports and show them how to eliminate negative listings. If the debt is paid off, the consumer has the right to demand that the listing is removed.
Certain investment opportunities are available to consumers who need to rebuild their credit. For example, some credit unions provide credit rebuilder loans to their valued customers. The loans require small payments each month and improve the consumer’s credit rating quickly.
Starting a New Retirement Plan
After a divorce, it is likely that the divorce agreement will call for the consumer to share a portion of their retirement funds with their former spouse. However, the consumer isn’t responsible for providing funds from any new plans they set up.
Purchasing a New Property
Consumers who lost their primary home during a divorce need a new home. A financial advisor helps the consumer follow necessary steps for purchasing a new home. They can also help the consumer locate … Read More ...