How does one rebuild their finances after a divorce?

Divorce can be a scary prospect. Sometimes this fear is based on the unknown of starting a new life after decades of being married. However, more often, much of the fear is based on finances. How will one survive, post marriage?

One household becomes two

At the outset, divorcing couples need to understand is that money that used to support one household will now have to support two households. This means budgeting and streamlining expenses is key. Money that could once be used to buy coffee every day or go out to eat multiple times a week, may simply now need to go to a new car and rent payments. This means adjusting one’s mindset prior to divorce, and budgeting for a post-divorce lifestyle and income. One’s standard of living will likely change, and that has to be accepted.

A focus on what is controllable

There will be financial hiccups, both during and after the divorce. Though, in addition to getting into the budgeting mindset, post-divorce, one must focus on what is controllable. This will build resiliency. Unexpected issues are going to pop up, but working with an attorney can help mitigate some of these unexpected issues or at least provide help when they do pop-up. Once one has fought for what they are entitled, the mindset must transition to building one’s own life.

Getting help

While the Daytona Beach, Florida, divorce process is a decoupling process that can often leave one feeling lonely, one does not have to go through the process alone. A divorce attorney can help coordinate with other professionals, like financial planners, CPAs, etc. to help one through the process as smoothly as possible. They can also help plan with planning one’s life post-divorce.

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