Financial Independence After Divorce

It can be challenging to come through a divorce if you’ve never experienced what it is to separate your life, your heart, and your finances from another person. Divorce is unsettling for the people involved, the children involved, and even for the ripple effect on friends and family. But trying to claw back some semblance of normality after a divorce doesn’t have to be difficult because you can find financial independence after a divorce is finalized.

You have to work with collaborative divorce attorneys to ensure that you don’t walk away empty-handed. Still, it would be best to look at how you can handle finances after a split. It can be scary to try and manage your divorce and your finances by yourself if you’ve been financially dependent on somebody else for so long. It doesn’t mean it can’t be done, and you don’t have to do it alone, either. Once you understand how to claim back financial independence after a divorce, you’ll find yourself happier and healthier than ever before.

Take a look at your existing budget 

You must look at your current budget to know what to do with your new budget. If you were financially dependent on your former spouse, you would need to revamp your budget to adjust for the loss of income. You need to know what your new monthly and financial commitments will be. Once you have that down, you can determine how to survive financially after a divorce.

Take a look at where you can cut back 

After reviewing your existing budget, consider what you can cut back on and start working on that. You might not need a Country Club membership, and you might not need a Netflix membership, especially if you have more than one streaming service. If you can figure out where to make cuts, you’ll be able to figure out where to expand your budget.

Be OK with grieving

It’s a huge adjustment period after a divorce to get used to your finances. But that’s OK. You have to grieve this period of your life, and you have to give yourself time to do that. You’ve lost not only your marriage but your security blanket. And that means you must start getting used to being a single, independent adult again.

Give yourself time

It may take time for you to get back into the workforce after your divorce. If you’ve been out of the workplace for a long time, you may struggle to find something new. It may mean that you go back to school or take an entry-level job before you can take something that was on your previous pay grade. 

Divorce causes a rippled adjustment period that you must pay attention to if you want to come out of the other side in one piece. 

FUNDRISE | Real Estate Investing

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About Kamilah

My name is Kamilah and I am a native New Yorker of Caribbean descent who is passionate about helping you learn how to invest and build your net worth by sharing easy-to-follow YouTube tutorials that will help you take control of your money and set you up for financial success. But this wasn’t always my story.

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