Study Shows Women’s Common Financial Mistakes After Divorce
Overspending after divorce is extremely common—even for those who are suffering from financial issues because of their recent split. While some of the reasons for spending have to do with the logistics of the divorce, others stem from emotional and psychological issues tied to the divorce. Let’s take a closer look.
- Spending on your kids out of guilt. Your kids have been through a lot because of your divorce. But don’t make the mistake of trying to heal their wounds with expensive vacations and material goods. What your children need is lots of love and attention from both you and your ex, not the newest video game or designer clothes.
- Bankrolling a makeover. Now that you are single for the first time in a long time, many people feel the need to make big changes to their appearance, from a new wardrobe to cosmetic surgeries. While making small changes can be great, big expensive changes—especially during this transitional time—might benefit from more time and more thought.
- Putting too much into your home. After a divorce, you are either living somewhere new or living in a place with lots of memories (good and bad). There is usually either a strong need or urge to redecorate. Again, some purchases are necessary, but it is easy to go overboard.
- Trying to buy happiness. Depression often lingers even after a divorce is finalized, and some people fight their feelings by making purchases, trying to change the way they look, or changing their surroundings. Some may even make a large purchase, like a new car, as a way to feel better. Instead, try to work through your emotions and wait on big buys.
- Spending instead of learning new tasks. If your wife cooked, you might find yourself spending much more on restaurants and prepared food. If your husband did yard work, you might be tempted to hire a lawn service. These expenses can add up quickly and won’t go away until you learn new skills.
- Finally having the license to spend. In many cases, spouses can’t make big purchases until the divorce is finalized and their family assets have been officially split. The result is that when the divorce is finally over, some people make to move to buy big ticket items. Before you do so, make sure you know your budget and your expenses.
Do you need the assistance of a Seattle divorce attorney? Contact the Law Offices of Molly B. Kenny to learn about our legal services at 425-460-0550.