The divorce process itself can take a heavy toll on your finances, but when the divorce is finalized, some think that it marks the end of their finances being drained away. Unfortunately, this is not the case at all for a majority of people. In fact, many former spouses have to pay alimony and child support for years after getting divorced. But even for those who aren’t required to make payments to their ex, the standard of living drops in the wake of divorce, and changes to their finances and ways of spending need to be made. By planning out the spending changes you need to make, and preparing for the financial hurdles you are about to face, you can survive financially after divorce.
Obviously, since the number of people bringing income into your household went from 2, to 1, a new budget needs to be developed in order to fit this new financial lifestyle. Things that were a luxury before are now things you will have to question as to whether they are wants or needs. This type of thinking, wherein you categorize expenditures based on how they will benefit your life, is a good way of developing a proper budget. Unfortunately, immediate post-divorce life often forces us to limit our spending to more needs than wants.
It is important to point out that your life does not have to be like this forever after you get divorced, but until you have become familiar with how to balance your finances, you can learn how to appropriately spend on wants. Moreover, there are so many resources to help develop a budget, both in person and online, that even if you don’t know what the first step might be and you don’t have to begin this process alone.
Some people find that selling marital property that they were awarded in court is a good way to bolster their finances, in the immediate aftermath of the divorce whether it be liquidating assets, or a home they used to share with their former spouse. It is important to consider what you can and can’t afford to keep.
Surviving financially doesn’t mean you have to get another job, but it might mean you have to get a job, depending on the status of your savings and other personal assets you have.