Divorce can create a lot of financial hardships. Since it can be one of the most expensive processes of your life, it’s important to look at all the positives that can come from your divorce. While you may have some financial burdens during the divorce, the end result can be positive. Learn more about how you can get a fresh start for finances with divorce.
Your Responsibilities Change
Before a divorce, many people live with a relationship that is unbalanced. It can be unbalanced on several different levels but one of the most detrimental is when a relationship is financially unequal. One party usually bears the brunt of the financial burden which can actually be one of the factors that play into the divorce. Once you’re divorced, your responsibilities will change. If you are the party that relied on financial support, you’ll now be responsible for your own finances. If you’re the party that provided the majority of support, you’ll now have fewer responsibilities even with child support and alimony. A change in responsibilities creates the perfect environment for a fresh start for finances with divorce. Use this to look at what’s most important to you and prioritize those things.
Get a Fresh Start for Finances With Divorce
Divorce is, in all ways, a fresh start! This means that you can choose a new place to live, you can rearrange your goals, and you can live your life in a way completely different from what you were before. While making these changes during your fresh start, you should keep in mind that you do still have responsibilities. Do not neglect to pay attention to those responsibilities even while you’re enjoying a fresh start!
You Can Create Your Own Goals
In a marriage, you likely had goals that were intertwined. Even if you didn’t have the same goals for everything within that marriage, they were still shared with another person. This likely meant that you had to compromise and put your goals on the “back burner.” Now that you’re newly divorced and a single person, you can create your own goals. For the most part, you don’t need to worry about the approval or support of another person to accomplish those goals. Use this freedom to figure out what you truly want in life and focus on those goals.
The Expenses You Have Will Change
Whether you have kids or not, your expenses are going to change after a divorce. In many instances, you will be financially responsible for fewer things. Your divorce may include alimony or child support payments, but those can sometimes be far less than what you were paying as a part of a married couple. These expense changes are a fresh start for finances with divorce. Budget your finances and don’t go overboard with any new expenses until you’re comfortable with the ones that you already have. For people who have received most of their support from a spouse, keep in mind that your expenses are going to change too. You’ll need to start working, change your career path, or even work more than you did before. This can be liberating too since you won’t have to depend on anyone else for your money.
Working With a Financial Advisor
It’s crucial to work with a financial advisor before, during, and after divorce. Divorce can cause a huge blow to your finances and it can make trying to get back on your feet difficult after the divorce. A financial advisor can help you set your goals in the right direction, determine what you need to reach those goals, and provide you with the best path to enjoy your newfound financial freedom. A divorce financial advisor will also be able to help you be better able to handle the costs you incur during the divorce.
Maintaining Positive Habits
A fresh start for finances with divorce won’t mean a thing if you don’t continue with positive habits. If you find yourself suddenly single, you may be trying to live a new lifestyle and that’s an important part of rediscovery after divorce. But, this lifestyle could become costly and could throw you off the track you have for your goals. Keep in mind that you must maintain positive habits after you’re divorced so that you can continue enjoying your financial fresh start.
Divorce is difficult, but your finances don’t have to suffer. A financial advisor can help you make the best decisions during your divorce while also keeping your finances as healthy as possible. Contact our professional divorce financial advisors at Wiser Divorce Solutions today.