Many marriages fizz out over time. People change, their goals change. Some develop addictions and personality disorders. Life happens and many couples divorce. However, many don’t because there is one main thing holding them back: money. Indeed, a lack of money can be a huge hindrance. Lawyers aren’t cheap. A divorce can cost tens of thousands of dollars—maybe even more if you have to battle it out in court.
On top of that, you’ll have to split your assets. One of the biggest ones is the marital home. Can you afford to keep it? If not, where will you go?
Divorce is a major decision that affects the futures of everyone involved, so if you have children you need to take care of, you’ll need to make sure you have the financial resources to do so.
While divorce can take a huge hit to your finances now, the good news is that most people recover within five years. A brighter future awaits you, so what are you waiting for? Here are some tips for getting your finances in order after a divorce.
Create a Budget
After a divorce, your previous budget is going to look a lot different. You’ll need to consider your income and expenses. You will likely see some changes now that you’re on your own. Some expenses may be higher now, like housing, while others, such as groceries, will likely be lower. There are many tools, apps, and spreadsheets that can help you track expenses.
Once you create a budget, you can look for ways to save money. What are you paying for that you don’t use, such as subscriptions? Are you eating out too much? What items are you buying that you don’t really need? Look at your spreadsheet as well as credit card statements to reduce or even eliminate expenses.
Pay Off Debt
One way to save money is to pay off debt. Debt often comes with high-interest rates, so by taking steps to pay off credit cards, auto loans, personal loans, and other debt, you’re saving money in the long run. If you have multiple debts, prioritize them by snowballing them—that is, paying as much as you can on the debts with the highest interest rates.
Boost Your Income
Many people work multiple jobs nowadays in order to save up money or simply survive. You may have to take on a part-time job or side hustle. If you’re currently employed, you can ask for a raise. Or you can even apply for a higher-paying job. There are many resources online to help you in your job search.
Contact Us Today
Divorce can affect many aspects of your life, especially finances. But with the right knowledge and tools, you can survive and even thrive after divorce.
Divorce is expensive and assets are often split in half. Get the help you need during and after your divorce from the Ohio divorce lawyers at Lawrence Law Office. We can advise you on all aspects of your divorce case, no matter how complex. Fill out the online form or call 614-228-3664 to schedule a consultation.