One of the hardest parts of breaking up with a serious partner that rarely gets discussed is dealing with financial hardship. Unless you were the sole provider, divorce is likely to result in loss of income, as you won’t have someone else contributing to bills and everyday expenses. There may also be savings and assets that you jointly own, which need to be fairly divided. With all the emotional struggles surrounding a divorce, it’s often easy to make the wrong financial decisions. Here are just a few tips for helping you to financially survive divorce.
Financially Survive Divorce – Decide How Joint Assets and Funds Will be Divided
If you broke up on amicable terms, it’s possible that you may be able to civilly discuss ownership over funds and assets. In the case of less friendly breakups, this process may be a little harder, and you may even need to hire legal help to claim what you think is rightfully yours. In all cases, hiring a professional advisor is worthwhile so that you can cover all bases and come to the fairest conclusion.
Be Prepared to Make Major Cutbacks and Sacrifices
A loss of income could mean having to make cutbacks and sacrifices to afford outgoing costs. Many people end up selling their home during a divorce as a way of releasing money and downsizing to a more affordable property. Make sure to consider your needs – if you’ve got children, you may still need a certain number of bedrooms.
Financially Survive Divorce – Tell your Creditors
Creditors such as energy bill providers, insurers and lenders may be sympathetic to your circumstances if you tell them and may be willing to temporarily freeze or even lower payments. This could help you to cope through the initial phase of divorce.
Look into Eligible Benefits and Aid
In some cases, you may be entitled to federal benefits or state aid to help cover everyday expenses. This is particularly likely to be the case if you were a low-income couple or if your partner was the main provider. You can find details on such benefits online.
Financially Survive Divorce – Accept Help from Friends and Family
Family and friends could help to offer both emotional and financial support. Don’t reject their help if it is offered and don’t be afraid to ask for help if no offers are made. This could involve anything from help with paying bills to even moving back in with parents if necessary.
Appreciate the Joys of Financial Independence
Divorce doesn’t have to be all financial doom and gloom. Whilst it will be a struggle at first whilst you adjust, you may eventually see it as financial freedom. You no longer have to make joint decisions as to where your money goes or share out your money. This means more of your money to spend on the things you want whether it’s traveling to places you’ve always wanted to go, buying the furniture you want or starting your own investments.
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