Finding Financial Security After A Divorce

Many men and woman focus on the emotional healing and freedom that comes after a divorce; however, it is also important to understand that whatever your situation, your finances will change in the wake of the divorce and you will need to adjust to your new money situation in order to truly move on and make a new start.

Both men and women are affected by divorce when it comes to their wallets, their assets, and their day-to-day budgets. After a divorce, both spouses may have to adjust to a one-income household and not having another person to share the expenses of everyday life. Some spouses may be paying child support or spousal support in the years after a divorce, while other struggle to raise children in a one-parent household or return to the job market after years as a stay-at-home parent. Although women are more likely to suffer financially for at least several years after a divorce, both men and women can face significant financial challenges after they end their marriage.

How can you best find financial security after a divorce?

• Make a budget. Now that you are independent, do you know exactly how much money is coming into your home each month and how much you spend? You may not realize just how many things change when you are not in a partnership – and it is certainly time to reevaluate all of your spending, from your grocery budget to your entertainment budget.
• Ask yourself if you should keep your marital home. Many women think that they want to stay in the home that they shared with their husband – but in some cases this can be a poor financial decision. The home may be too large for your needs or too expensive to care for.
• Find ways to increase your income. Whether you are returning to work after a divorce or whether you have a career already, you can take steps to increase your income. Consider going back to school so that you can secure a higher-paying job or consider working longer hours or going to a career counselor and exploring new options.
• Consider your childcare options. One of the biggest expenses following a divorce for many is finding a way to work while still raising your children. Finding an affordable child care option that still allows you to bring in an income will be key to your survival after a divorce.
• Don’t be afraid to ask for help. There are many resources for single parents who are trying to find success and raise their children after a divorce. Don’t hesitate to ask friends and family to help you through the transition, and don’t hesitate to look for community support.