Divorce may be an emotionally painful time in one’s life, but for most people, emotional scars can be healed if their finances are in order. Indeed, money doesn’t cure everything, but it can help you choose the problems you can live without. So if you want to begin your post divorce life on good financial footing, the following tips can help.
Create a post-divorce budget – Like any successful business, balancing your income against your liabilities is an essential first step to securing your financial future. This is especially critical if you plan on receiving child support or spousal support or if you believe you will be ordered to pay it.
Get out of debt – Because debt is a significant impediment to financial freedom, eliminating it should be a top priority. Indeed, limiting frivolous expenses helps as well as prioritizing your real needs. Bankruptcy is often not available and should only be a last resort in a dire situation. Taking time to reduce your debt load and your expenses is essential.
Consult a financial advisor – You don’t need to be a millionaire in order to benefit from the advice of a financial advisor. He or she can help you decide on what is important so you can make sound financial decisions. With that, an experienced financial advisor can help you chart a plan to get back to prosperity.
The preceding is not legal advice. Because everyone’s financial situation is different, you should consult an experienced family law attorney if you have questions about your legal rights with regard to property, asset and debt division.