7 Tips to Recover Financially After a Divorce

By Amy Sara Cores, Contributor Fea Money Financial Literacy School

Divorces are hard. There’s no need here to explain how a divorce goes and how devastating they can be. Not to mention how hard it is to divide everything in half and say goodbye to the half you will never get; the half you built together with your once-significant-other. If you have kids, then it’s even worse. Sometimes, people act like adults, and everything goes smoothly—they part ways but stay in contact if they have kids, they don’t try to ruin each other’s lives, and they don’t sue each other until everyone gets tired. But in most cases, this is not true. Divorces are devastating and can be hard to come back from. Finances get split and used for the entire process and, with emotional distress, it’s difficult to overcome and continue with your life. But there are a few things you can do to help yourself.

1. Seek Counseling

No one should fight personal battles alone, especially when it comes to such big events like a divorce. Counseling will help you let out anything that you’ve been bottling up. You can talk to the counselor and go through the entire situation. It will feel like talking to a friend, but better since these people can provide professional advice.

2. Give Yourself Time

Don’t try to move on instantly—it will do you only harm. Give yourself some time to work through the emotions and make you stronger. Also, by giving yourself time, you’re giving yourself an opportunity to think everything through. Make a plan!

3. Take Inventory

Being aware of your financial status gives you an advantage on the playing field. Calculate your net worth and figure out what shared things you’re entitled to. You may need the help of a financial advisor because it can speed things up a bit.

4. Review Any Shared Accounts

If you have shared accounts, make sure to close them and opt for only personal accounts. In the case of a divorce, shared bank accounts can cause massive issues.

5. Take a Look at your Credit

Check your credit. In the event any accounts are shared, one spouse spending a lot of money on things that weren’t agreed upon can cause issues. This can also lead to credit card debt and can have an impact on your credit.

6. Create a Single Budget

Considering the change you will go through with a divorce, you’ll need to create a new budget that takes into account your newly single status. Take a look at your income and expenses and make a plan to adjust to a potential change in income/budget.

7. Prioritize Saving

Living alone can be an issue if you don’t save your money. If you’re used to having the help of a second income, you’ll need to adjust. It’s important to save money because you never know when you’re going to run into problems, and you’ll need to pull money from that savings account.

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