Hello, I’m planning to go through a divorce, and I’m aware of the financial losses divorce can bring. So, how do I recover ASAP after my divorce is finalized? ThanksDMN Customer
Divorce will alter your life significantly, including your finances. It’s important to note that men relatively recover faster than women. Consider these financial recovery tips:
1. Don’t panic
Panicking takes a lot of your energy. Though you may feel powerless, you’re that powerless as you may think. Shift your focus and energy in finding solutions to your financial problems.
Saving controls what can be controlled and invests in your future.
3. Live within your means
Spending extraneously as you pay your debts will land you into more financial problems. Watch how you spend and compare it with people in your income bracket. Compare your rent, groceries, utilities to what you make each month. Take inventory using things like spreadsheets and record your incomes, expenses, assets, and liabilities.
4. Refresh your budget
Draw up a new budget to reflect your new lifestyle post-divorce. Adjusting will take some time, and it won’t be fun, but you must accept it. Look at your income and fixed expenses as you determine how much money you’ll save for your future. You may want to marry again or buy a house in the future.
5. Set up accounts correctly
First, cancel all joint credit cards and close all joint accounts, estate planning agreements, insurance and wills. You may need legal counsel to navigate through this.
6. Manage your expectations and organize your priorities
Remember, your happiness and success will be your greatest retribution.