Personal Representation For Your
Family Law Or Criminal Defense Matter

How can you rebuild your finances after divorce?

On Behalf of | Nov 10, 2023 | Divorce

Divorce is a financial storm you most likely did not plan for. After all, you did not enter marriage anticipating it would end at some point. Unfortunately, the struggle is often far from over even after finalizing the process. Post-divorce tends to be about facing the profound financial impact of transitioning from a two-income household to a self-sustaining lifestyle.

However, the silver lining is knowing that financial freedom is possible if you put in the necessary work.

How to survive the financial aftermath

Understandably, you are probably anxious about making ends meet on your own, especially if you are still reeling from the expenses of processing your Michigan divorce. You may also have every reason to be worried if you were significantly dependent on your ex or used to pool your resources with them.

While your situation is unsettling, you must try not to panic. You can only make well-informed decisions if you think straight. Assess where you stand thoroughly to map out your next steps:

  • Rework your budget: Live within your means. Cut back or downsize on specific items, such as excess utilities, subscriptions or memberships. You may also sell your high-maintenance car and purchase a less expensive vehicle. Doing so can help you redirect your cash flow to cover essential bills, debts, and child support or alimony payments.
  • Negotiate with creditors: Explain how you intend to fulfill your obligation. Propose payment plans to release the pressure of a huge lump sum.
  • Expand your sources of income: Look for other money-generating endeavors or gigs. Multiple salary streams can protect you if your primary job goes sideways.
  • Automate your savings: Have a default amount deducted automatically from your income. You can set it aside to cushion the blow of future emergencies.

As much as no one said post-divorce financial recovery is easy, no one also claimed it to be impossible. These recommended ways require focus and dedication to reach the other side.

How to thrive after surviving

Rebuilding financially only becomes intimidating if you take it on alone. Even if you survive without help, you may drain yourself too much. To avoid losing yourself in the process, you must embrace new mindsets that allow you to thrive. Seek financial and legal support systems for fresh and professional perspectives in meeting your financial goals and dreams.

FindLaw Network
  • badge1-ppc
  • badge2-ppc
  • badge3-ppc
  • badge4-ppc
Photo Of Attorney Renee Lynn Wagenaar