Combining incomes and sharing most bills such as rent, mortgage, car payments and more can undoubtedly save you money while married. It is one of the conveniences of having a partner. However, it can be easy to forget how to scale-down and live independently again after a divorce. Women are especially vulnerable to crippling finances when frequently custody orders are granted to the mothers.
Divorce is one of the most vulnerable times in your life to adjust financially and not collapse into high amounts of debt, bad credit and more. Without a stable foundation of income and a plan of how to thrive throughout your split, you could find yourself in trouble. It is highly essential to take into consideration the impact divorce will play on your finances, and prepare accordingly.
Although it is hard to detach from the emotional pain and suffering you may be feeling, it remains one of the most empowering actions you can take. Here are some smart ways you can set yourself up for success and not failure when it comes to your financial well-being.
Checklist - Make a checklist of all the updates you need to make on your accounts. This may include your new address, new legal name, beneficiaries, etc.
Professional help - Do not be ashamed to seek out professional help and resources on ways to help you budget your new income and divide appropriately towards savings accounts, college funds, etc. Many free online resources also help raise awareness and educate people on personal finances for every stage of life.
Shift dependency - In your marriage you might have been more dependent on your spouse when it came to finances and spending ability. Now is the time to take ownership of your new role as the leader of your financial life and health thereof. Depend less on credit cards and loans and more on true money by delegating it properly.
Getting a head start on planning for the financial shift your life post-divorce is smart. You can avoid getting caught in a storm of issues that can lead you into depression and cause you to avoid seeking solutions. Starting now will make a big difference in how you treat money and how you make it serve your highest good in the future. Money can be our greatest source of stress or peace of mind, it is up to you.