Building a solid financial life post-divorce

If you are currently navigating a divorce or you have recently finalized your divorce process, you may be struggling financially. It is not unusual for individuals who are divorcing to have financial difficulties. After all, divorce inspires more than just legal costs. Depending on a couple’s individual situation, divorce may inspire moving costs, service costs and the purchase of numerous household items. After all, if one spouse takes all of the pots and pans that a couple owns, the other must run out and buy more of these necessities.

Thankfully, there are many things that you can do in the wake of your decision to divorce in order to regain financial stability. Embracing certain efforts now may ultimately aid you in building a solid financial future.

For example, it is generally important to make a budget and to stick to that budget to the best of your ability. A budget should be constructed not only with your income and immediate expenses in mind, but also with your goals related to savings, educational spending, retirement and other long-term costs in mind as well.

In addition, it is generally important for you and your attorney to ensure that any mutual assets, debts and accounts that you once shared with your spouse are properly split and otherwise addressed. Failure to take this important step could cost you time, money, effort and stress down the road.

Finally, please review all of your monetary activity and alter any expenses that include your spouse. For example, if your spouse is no longer on your cellphone plan, make sure to take him or her off of it so that you do not pay for an unused account.

Source: The Huffington Post, “7 Steps To A Better Financial Future After Divorce,” Brittany Wong, June 15, 2015