Tips for Being Financially Stable After Divorce

Divorce is a major life event for several reasons, but mostly because life as you knew it is changing. Specifically, many individuals have a hard time financially after their divorce for a few different reasons. For instance, their spouse may have been the primary income source, or they spent most of their money on attorney fees. Well, now you’re on the other side of a divorce, stronger than before and ready to start a new life. If you need some help with finances after a divorce, we’ve got you covered. Check out our tips for being financially stable after divorce.

Start a budget and stick to the budget

We know this probably isn’t what you want to hear, but the only path to financial stability is a budget. You have to know exactly how much you have coming in and how much is going out. If you have debt, your budget should be built around paying off your debt first. If you’re older and haven’t been investing in retirement, start aggressively investing in a 401K, Roth IRA, or another retirement account. Keep in mind that you’re not creating a budget just for the sake of creating a budget—you have to stick to it, too. That means you have to have to get comfortable working within a set limit and stop using credit cards if need be.

Take into account all the financial details from the divorce

One of the biggest factors in a divorce settlement is finances, and rightfully so. If the duration of the marriage wasn’t very long, then you may be in decent shape still. On the other hand, for those of you who were married for decades, there’s a chance you lost a lot from the divorce. Regardless, it’s important that you know and have a record of all the agreed-upon financial details. If you’re unsure about the details, or what they mean, your attorney can help you. However, if you divorced with children, that means child support was also a factor. You must know exactly what you can use child support for to avoid being penalized or brought back to court.

Start rebuilding your personal credit

Assuming that you’re debt-free, have a comfortable budget, and you’re being financially responsible, it’s probably wise to rebuild your credit. You may already have a mortgage that helps you build your credit, but now that your name changed, you’re going to need a credit card in your name again. Although some people abuse them, credit cards are great tools for building your credit easily. Even if you only use your credit card for Netflix each month, having some recurring activity on your card is better than nothing. Again, if you follow this step, make sure you’re responsible.

We hope these tips for being financially stable after divorce help you get back on your feet. Going through a divorce can certainly set people back financially, but we believe in you and we know you’re going to be stronger than ever before.

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