If you’re like most people, then you’re worried about what your finances are going to look like after your divorce is finalized. It’s a legitimate concern given that you’ll have to give up access to many assets through the property division process, and your household income may be cut in half while your personal expenses increase. But don’t despair. There are steps that you can take to ensure that you have financial stability in your post-divorce life.
How can you make ends meet after divorce?
We know that dealing with money issues after marriage dissolution is stressful. But we hope that by following these tips, you can find a sense of peace and stability:
- Create a new budget: This is something that you’ll want to do early on in your post-divorce life. A lot of people struggle to put a budget together, but it is practically a necessity if you want to figure out how to make ends meet after your divorce is finalized. Be realistic when you create your budget, too, so that you know exactly where you stand. You may find that having a solid budget in place gives you a sense of security.
- Consider downsizing: If your budget is going to be tighter than you like, then you might want to consider downsizing your living arrangement. By doing so, you may be able to save hundreds of dollars each month that can be redirected to other bills or savings.
- Reduce food costs: With so many choices at the grocery store these days, it’s easy to buy more than you intended. But by planning your weekly meals and sticking to your grocery list and your budget, you might find that you can significantly reduce your food expenses, which can be considerable given inflationary pressures on individual households.
- Increase your income: This may be easier said than done, but in the age of the gig economy, you might be able to pick up a little bit of extra work here and there to help you make ends meet. You might even want to consider changing jobs or careers if you think doing so will increase your income, give you a fresh start, and make you happier.
- Make sacrifices: This can be hard to do, but if you want financial security post-divorce, then you might have to sacrifice some things that you enjoy. This may include buying nicer clothes, driving a newer car, or regularly going out to eat. It’s certainly tough to make these sacrifices, but you’ll adapt to your new life and be better off avoiding the financial pressures that will await you if you don’t make those changes.
- Keep your retirement savings: It can be tempting to dip into retirement savings when you’re facing financial hardships. But try to avoid doing so, as making those withdrawals may subject you to financial penalties and could drastically impact your long-term financial health.
Are you going to let your spouse take advantage of you during divorce?
Another way to protect your post-divorce financial interests is to fight for what you deserve during the marriage dissolution process. This means properly handling property division, child support, and alimony-related issues. If you don’t, then your spouse may take advantage of you, leaving you with fewer financial resources than you deserve.
So, if you’d like to learn more about what you can do to set yourself up for post-divorce financial success, then we encourage you to sit down with an experienced family law attorney to discuss your situation more.