Calculate your net worth by taking inventory of your assets and liabilities.  Summarize all of your assets including the value of your home, cash, savings or checking accounts, any valuables such as jewelry, antiques or artwork and any retirement accounts.  Subtract the amount that you owe on all of your debts.  Be sure to include payments that are made quarterly or yearly.  

          Prepare a budget based on your new income level and stick to it.  Look at your income and liabilities.  Be sure to budget for car repairs and other unexpected expenses.  If the amount you spend is more than your income, you will need to make some choices about expenses you can cut.  You may need to take your lunch to work, or cut back on activities for yourself and your children.  

          Make certain that joint accounts with your ex-spouse are closed. You do not want to be held responsible for debt that your ex agreed to pay in your settlement. Be sure to check the mortgage, automobiles, insurance and credit cards.  Take the appropriate steps to transfer titles if needed.  Be sure that any joint checking or savings accounts are closed. Establish new accounts and credit if you haven’t already done so. 

           Update your beneficiary on your life insurance, investments and retirement plans. Remember to update your will and any trusts.  If your ex-spouse covered you on their health insurance, get your own policy or make sure you are covered by COBRA benefits. 

          Try to keep emotions out of your financial decisions and don’t dwell on the split from your spouse.  It is up to you to take care of yourself in all aspects of your life, including your money.