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Financially Starting Over After Divorce

A divorce can be a hard experience to walk through both emotionally and financially. The physical act of getting used to having a dual income to living off of just your own can be overwhelming as well, especially if you make less than your spouse did. In many cases those who have just gone through a divorce are feeling the pressures and stress of their finances, not used to living the way they know they ought to—frugally. For this reason, it is absolutely essential to establish a budget when you get a divorce in order to know where your needs and wants lie. In many cases, we struggle with money because we buy many things that we don't need, because of this taking the time to closely assess how we spend our money is going to tell us how we can change our spending habits, even if it is just for a season.

A divorcee is essentially getting used to a different style of living, and for some this can be extremely difficult. Be aware of what some financial advisors can "budget denial." For those who have gone through a divorce recently, this can mean that they are so overcome with emotions, that they work it out by their spending therefore denying the presence of a budget. This can be dangerous and lead to extensive amounts of debt if you aren't careful. Using discretion with your wallet is highly encouraged as you get used to this new single way of living.

Once you have gone through with a divorce, you will also need to change your estate plans, wills, and end of life decisions. You may not want your ex-spouse to still have a say in whether the doctors do not resuscitate after a heart attack, etc., so it is important to change these details as soon as possible. Talk to your divorce attorney for a good recommendation of an estate planning lawyer in your area. Next, you will want to sort through your insurance coverage plans and make changes based on your needs. Perhaps your children are going to be under the care of your ex, so you will want to make those necessary changes, etc. This is important to take care of immediately, however, as most insurance companies require you to report your life changing events (aka divorce) within 60 days.

If you are in any sort of debt after your divorce, make sure you attack those bills immediately and don't let them add up. As stated, things may be financially tight for a while, but if you knew the divorce was necessary, then it is worth it for you in the long run. Once your debt is paid off, begin growing your savings accounts again as well. This is crucial as an adult, to have back up funds for an emergency. If you or someone you know is considering a divorce, contact a skilled Raleigh divorce lawyer at the Hopper, Hopper & Mulligan, PLLC today!

Categories: Divorce, Family Law

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They simply rock!...
All the people at Hopper Law Firm PLLC are super nice. No fun going to see a lawyer, but they all helped make the whole process easier, plus got a speeding ticket during the divorce, so I've had the "pleasure" of working with both Kevin and Brad. They simply rock!
- Lynn
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