Divorce is one of life's most difficult transitions. It may often take an emotional and financial toll. As one works through the process of separating from a life partner, it’s important to have a strong foundation to rebuild or maintain your financial picture.

Here are some ways Cadence Bank can help you write your next chapter:

Reorganizing Your Finances

One of the first steps after a divorce is reassessing your financial picture. This includes updating your budget, reviewing income and expenses and determining how to manage assets and liabilities independently. Several banking tools can help you do this:

• Individual Checking and Savings accounts to help you establish independent finances.
• Budgeting Tools through Mobile and Online Banking to help you track spending and build new goals.
• Mortgage Loans to help you find a home that matches your needs.

Managing Shared Assets and Accounts

Getting divorced doesn’t have to mean walking away from your bank. If you previously held joint accounts, Cadence Bank can assist with the process of separating finances according to the divorce agreement. Our team can guide you through:

• Closing or converting joint accounts.
• Updating account ownership.
• Reviewing credit and loan obligations.

It is essential for protecting your financial identity to ensure a clean break from shared financial responsibilities.

Planning for the Future

Divorce often triggers a personal reevaluation of long-term financial and life goals. Whether you need to adjust your retirement plans, start saving for your children’s education costs or prepare for future investments, Cadence can help. Wealth Management professionals can help you:

• Reassess your financial strategy.
• Explore investment opportunities that best fit your new circumstances.
• Plan for estate and trust updates.

Divorce is difficult, but you don’t have to go through it alone. Cadence Bank is here to help support your financial needs with practical solutions and guidance. Behind every decision made and every dollar spent, you need a relationship founded on trust, responsiveness and reliability.

Visit your local branch or visit us online to get started on your changing needs.

Sources:
https://www.cnbc.com/2024/01/18/sallie-krawcheck-money-mistakes-to-avoid-in-a-divorce.html
https://www.cnbc.com/select/getting-married-money-advice
https://finance.yahoo.com/personal-finance/banking/article/divorce-bank-account-questions-210306144.html

This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.