Divorce can take its toll emotionally on all parties, and it can also hit you financially. It can be difficult to adjust to a new financial reality post-divorce, but it’s important to remember that it is possible to retain control of your finances.
Things are bound to change with you potentially adjusting from two household incomes to one. Outlined below are some financial strategies that you may want to consider.
Think carefully about your home
During the property division process, you may end up keeping the family home or have to make a move elsewhere. In any case, you’ll want to ensure that your home is suitable for your needs and situation. If your previous home was significant in size, do you really need something similar? Would it be possible to downsize to something more comfortable, efficient and with less overheads and upkeep?
Refocus on your career
Many spouses sacrifice their careers for their partner. Post-divorce, you may be able to focus on your career objectives more clearly. Did you put a career on hold to take care of the children and house? Is it now feasible for you to reenter the workforce and chase that career dream that’s been on hold?
Another factor that will weigh greatly upon your financial situation post-divorce is the type of property settlement that you receive. It can be tempting to settle your divorce quickly so that you can move on, but it’s almost certainly not worth sacrificing your fair share.
Seeking legal guidance from the outset will help to ensure that you receive an equitable divorce settlement. This will set you up for a brighter future.