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Regaining financial freedom following a divorce

On Behalf of | Jan 20, 2016 | Property Division

The process of divorcing can be hard and the difficulties associated with it may continue beyond its finalization. Specifically an individual might find their divorce settlement leaves them with less financially than they were previously used to. While this can be a difficult adjustment to make, it does not have to be permanent. There are things that can be done to get back to the point of feeling financial breathing room.

The first is to take action quickly. The longer you wait, the longer it will take to turn things around. Next, make a plan. In creating this plan it is beneficial to make a list of your goals and then rank them, taking into consideration not only your needs but your wishes and wants as well. This plan should be reviewed and adjusted as necessary.

Once a plan is in place, make saving a priority. A good way to do this is to automatically have money withdrawn from your checking account and placed in your investment accounts. This will also necessitate living within your means and keep monthly expenses below your take-home pay. It is also a good idea to have emergency funds accessible to be prepared should something unexpected occur.

Don’t for get to invest in yourself, too. When possible, it my make sense to spend money on college classes or even a small vacation. Actions such as these can provide focus and ultimately improve your future.

To put yourself in the best possible financial position following divorce it is important to take steps to protect yourself during the division of assets portion of the divorce itself. A divorce attorney can assist with this.