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How can I recover financially from a divorce?

| Mar 21, 2019 | Avoiding Bankruptcy

Along with the emotional upheaval, many divorcing couples in Florida also experience financial issues after their separation. Whether you’re the custodial or non-custodial parent, it’s likely that your situation will change drastically once the ink has dried on your divorce decree. If so, Entrepreneur offers the following tips on how to bounce back from financial losses.

Perform a financial inventory

The first step is to determine where you stand. Figure out what you owe, what your monthly expenses are, your current monthly income, and any other financial factors that must be considered. Once you have this information, begin formulating a plan of attack. This is also a good time to check out financial accounts and life insurance policies. You want to make sure these items reflect the recent divorce, or you run the risk of your ex inheriting the proceeds should the unthinkable happen.

Create a budget

Everyone’s post-divorce budget will look different. If you’re struggling to pay bills and manage debt, you’ll need to look for ways to cut spending and boost income. If you’re financially stable but having a hard time building up your savings, try to use your income wisely. It’s best to save money first before paying bills and other expenses. You can also implement recurring monthly withdrawals into a savings account, which makes the process much easier.

Don’t let stress get you down

It’s natural to feel stress when faced with financial issues. Keep in mind that these issues will pass and one day soon you’ll be back on your feet again. If you’re having a hard time coping, look for support from family and friends. Most importantly, keep looking towards the future and working to make a better life for you and your family.