You went from a two-income, one set of expenses type of household. Now, you have to get established again and secure your financial independence after divorce. When you go through a divorce, there’s more separation that takes place than most people realize. It’s difficult to get re-established, so here’s what you can do to secure financial independence after divorce.
There’s a desire, especially if you’ll have joint custody of your children, to have “the fun house.” The last thing you want to do is live outside of your means and not be able to pay for child support/alimony, and/or miss time with you kids due to an increased work schedule. Assess your situation, and don’t go for the new home or apartment that will increase your financial burden.
Most Americans have some form of debt, usually in more than one account. It’s extremely easy to fall behind on credit card and auto loan payments after you go through a divorce, and you find yourself in an unstable financial situation. If you consolidate your debt right from the beginning, you simplify the process, and in some cases, you can minimize your monthly payments. Instead of sending $300 to three accounts, you’re sending $250 to one account. It adds up.
Your long-term goals and mindset have fallen out from under your feet. You get married with the intention of making joint purchases and living in the same home, but not everything goes according to plan. You need a new long-term plan. Establish new goals, make realistic expectations of your income, and see where you can cut costs from your life. Switching lifestyles is difficult, and having a helping hand can really make a difference.
Even if your income allows for frivolity to a certain degree, you should begin your new lifestyle with new habits. You have a clean slate to work off of; now is the time to start saving what you can. There will be bumps in the road, new things that you have to purchase with your singular income. When you’re securing yourself after a divorce, incoming bills and debt can feel like a tidal wave coming over your head. Plan ahead, and be proactive when those issues arise.
Getting started all over again can be stressful. You owe it to yourself to get established as soon as possible. Follow these tips from your local divorce lawyers who have seen it all before, and you’ll have an excellent foundation to begin building on.