When you’re in a marriage, you’re in a partnership. That means that you and your spouse handle issues that arise together and you also manage the finances with two incomes. Divorce can create financial hardships for exes who are looking to enjoy financial independence but who haven’t managed bills on their own for years. If you’re not sure how to go about achieving monetary freedom, here are 5 tips:
Assess Your Current Financial and Your Expenses Post-Marriage
The best thing that you can do before you ever sign divorce papers is to prepare themselves for how your living expenses will change. You and your ex will go from splitting housing expenses for one home to having to maintain two separate residences. When you’re sitting down with the family law attorney that you’ve retained such as Dionisio, Christophere, you have to assess everything.
To start, you’ll need to review your current financial situation as a spouse. You can’t prepare for the future if you don’t know what you’re currently spending. Create a spreadsheet to show how much you’re spending on credit card debt, childcare expenses, insurance, car payments, and more. After doing this, you can start planning for the future.
Consider Looking for a More Affordable Home
If you have small children, the last thing you want to do and change up their routines even more by moving following a divorce. Unfortunately, this might be the most financially responsible decision to downsize. Consider selling your marital home and turn it into an asset. Use the money that you make on the sale to buy a more affordable or renting until you can find a higher-paying position.
Look for a Job with Better Medical Benefits
If you’ve been covered on your spouse’s health insurance, it can be a shock to find out that the cost to pay for COBRA could be triple what you were paying. Insurance can be a huge expense post-marriage. You should find out how much insurance will cost at your current job. If you’re not employed, finding a job could help you reduce how much you’re paying out of pocket for medical coverage.
Inventory All of Your New Expenses
You’ve looked at your expenses that you’ve been paying pre-divorce, but shortly after your marriage dissolves you’ll need to take an inventory of your new expenses. When you see that a certain expense has changed, update this information on your budget. This will enable you to see how you’ll need to adjust your spending in the coming months.
Review Your Priorities
If you’re receiving child support or alimony, it will help you manage some of your new life expenses but those payments aren’t guaranteed to help you cover everything. You really need to assess priorities. Do you need a 500+ channel cable plan or multiple different streaming services? If you look at all of your bills, you’ll be surprised at how much money is being spent on services you hardly use.
Life doesn’t change overnight. When you’re planning for divorce, it’s because of issues that have built up over time. That’s why you need to take baby steps to improve your financials. It might take time to get comfortable with changes in your income and increased expenses, but at the end of it all, you will be successful with the right planning.
About the Author:
“This article was written by Dixie Somers. Dixie is the proud mother of three girls and wife to a wonderful husband. She is a part-time blogger and freelance writer, and she enjoys writing for several niches, including business, family, and finance.”
Post-Marriage Money: 5 Tips for Financial Planning after a Divorce. If you have experience..please, share your comments below…
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