Financial survival after a divorce

On Behalf of | Dec 16, 2019 | Divorce

Divorce can take a toll on your finances. It requires some money to get through the process, and once it is over, the situation leaves you trying to figure out how to manage your finances without your spouse’s income. It can be tricky to pull everything together and move forward in your new single life in Washington. This is especially true if you did not work during your marriage.

MarketWatch explains you should start preparing your finances for after the divorce while still in the process. This gives you time to see what you need to do. It also allows you to get a good settlement to assist you as you move on after the divorce.

Create a budget

You need to begin by creating a budget. You need to account for all expenses. Do not worry about how much you can afford at first. Just create a budget based on current needs. You want to use this to show the judge your expenses, which may help with child and spousal support decisions.

You also may wish to create a budget for after the divorce based on your income. You may need to cut expenses to make it work. If you cannot decrease expenses enough, then you at least need to figure out how much more income you may need.

Be ready to work

If you realize that you will have to work after your divorce, then you may start planning for that now, too. Scout out possible employers. Figure out how much you could potentially earn. Think about what schedule you need. Also, consider getting training that could help you get a job.

Be careful with dividing assets

One word of caution when thinking ahead with your finances is that you need to be cautious about trying to keep the family home. You have to be realistic about whether you can afford to keep it. Furthermore, you do not necessarily want to give up other assets, especially cash, just to keep the house.

Surviving financially after a divorce may seem like a daunting task, but as long as you plan ahead, you may do just fine.