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Achieving financial Independence after divorce

On Behalf of | Jul 6, 2022 | Divorce |

Divorce means life changes for the separated spouses. Although a New York judge may issue a final divorce decree, that does not mean that all of the complexities have ended. A newly single spouse might have many worries about their finances, and it could take several steps to achieve post-divorce financial independence.

Financial concerns after a divorce

Financial independence often involves saving money and putting the funds into safe investments. Paying debts with additional funds could be advisable since anyone carrying large obligations may have difficulty obtaining financial freedom. Taking steps to earn extra income, even a small weekly amount, could assist with savings and paying creditors.

Cutting costs and developing a reasonable budget could be among the wisest moves that a divorced person makes. Even with a decent settlement and spousal support, someone who’s used to living in a two-income household might need to make changes. Perhaps living in a less costly residence and cutting unnecessary spending should be a top priority.

Asking for help could lead to making better decisions. Assistance and advice from credit counselors and financial advisors may provide someone with better fiscal insights.

Concerns about the divorce

Divorce proceedings could leave someone mentally and physically drained. The spouses may feel stress even when the divorce ends in an amicable settlement. Those dealing with an aggressive, narcissistic spouse might struggle more. Anyone who finds that the divorce leaves them too sluggish to get their financial house in order could consider joining a support group or speaking with a therapist.

Before the divorce is final, both spouses may benefit from figuring out what they want from the settlement. Effective asset distribution might leave a spouse in a decent financial position.