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Can you save your finances after divorce?

On Behalf of | Jun 8, 2020 | Divorce |

Going through a divorce may upend your life in many ways and result in new and exciting opportunities to rediscover yourself. One area of your life that may feel the effects of your relationship change is your finances.

Proactively organizing your financial affairs and implementing healthy new habits may prevent negative effects of divorce from creating stress.

Managing the money you share

One of the worst mistakes to make in a divorce is to move money around when you and your spouse still legally share. Unless given direction by the court, refrain from spending excessive amounts of money or putting money away secretly. Over time, as your divorce proceeds, you will receive instruction about how much money is yours and what your spouse will receive. In the meantime, establishing your own financial accounts, building your credit, paying any personal debt in a timely manner and making your own budget are all valuable ways to begin strengthening your personal finances.

Budgeting after your divorce

According to The Ascent, exercise creativity in finding new ways to make a little extra cash. You may consider picking up a side job that enables you to bring in extra money that you can save or put toward necessities. Be concise in determining how you will manage debt and get it paid off as quickly as possible. Recognize that your financial obligations have shifted since your divorce and modify your budget to reflect these changes. Be aware that you may also need to change your tax withholdings which may provide a degree of financial relief as well. If your current situation is too stressful, consider seeking help from your family or friends until you are able to get back on your feet.