Divorce is tough. It can be a messy and complicated process, both emotionally and legally. And once it’s all said and done, you’re left to pick up the pieces and start anew. For many people, this means starting over financially. If you’re not used to managing your own finances, this can be a daunting task. But don’t worry, we’re here to help.
In this article, we’ll give you six tips for staying afloat financially after divorce. Where kids are involved you’ll need to involve the Custody Lawyer too. With these tips, you’ll be on your way to financial stability in no time.
Make a budget
One of the first things you should do after getting divorced is make a budget. This will help you track your income and expenses so you can make sure you’re not spending more than you’re bringing in.
A budget will also help you identify any areas where you may be able to save money. For example, if you’re used to dining out frequently, you may want to cut back on this expense and cook at home more often.
Get rid of joint accounts
If you have any joint accounts with your ex-spouse, it’s important to close them as soon as possible. This includes any joint credit cards, bank accounts, or investment accounts.
Doing so will help prevent your ex from accruing debt in your name or withdrawing money from your accounts without your permission. It will also protect you from being responsible for any of your ex’s debts.
Build up your emergency fund
An emergency fund is a savings account that you can use to cover unexpected expenses, like a car repair or medical bill. Having one will help you avoid going into debt if you have an unexpected expense.
Ideally, your emergency fund should have enough money to cover three to six months of living expenses. If you don’t have this much saved up yet, don’t worry. Just start with what you can and work your way up over time.
Refinance your debt
If you have any joint debts with your ex-spouse, it’s important to refinance them in your own name as soon as possible. This includes any mortgages, car loans, or student loans.
Refinancing your debt will help you avoid being responsible for any of your ex’s debt. It will also lower your monthly payments since you’ll only be responsible for the debt in your own name.
Invest in yourself
Investing in yourself is one of the best things you can do after getting divorced. This may mean taking some time to learn about personal finance or investing in your education.
It can also mean taking care of yourself emotionally and mentally. Consider seeking out counseling or therapy to help you deal with the stress of divorce. You may also want to join a support group or online community for people who are going through similar experiences.
Seek professional help
If you’re having trouble managing your finances on your own, seek out professional help. There are many financial advisors and counselors who can help you create a budget, get out of debt, and build up your savings.
Divorce is tough, but it doesn’t have to be financially devastating. With these six tips, you can stay afloat after divorce and start rebuilding your life.