If you have just divorced, you are likely ready for some relaxation and recovery time. Everyone needs a little break after a stressful, complicated experience, especially after a taxing process like divorce. While you may be ready to take a break from the lawyers, paperwork, and court dates you faced during your divorce, there is one last area to focus on before enjoying your newly single life – your finances. Life post-divorce can be vastly different from married life, so it is crucial that you move on with a solid understanding of your finances and a plan for the future.
In many marriages, one spouse does the primary handling of the couple’s finances. If you were usually on the outside of the money decisions in your marriage, your best bet is likely to consult with a financial advisor who can educate you on your situation and advise you on how to best move forward. If, however, you have a decent grasp on finances and managing your own money, follow these tips for getting your finances back in order after your divorce.
Prepare For a Potential Lifestyle Change
Many people continue living the lifestyle they maintained while they were married after a divorce. If you received a large divorce settlement, or have your own assets, and are able to maintain the same lifestyle, that is your choice. For many of us, however, divorce means cutting back. Start planning ways to increase your income or save money. You may need to consider getting a job or selling some of your assets.
All too often, one spouse receives the house from their divorce settlement, only to quickly realize that a home is much more difficult to pay for on just one income. If need be, consider selling your home, or finding another arrangement like renting your home and living elsewhere to help cover the costs.
Handle Your Debt
Although divorce does mean you are legally separated from your former spouse, any debt that the two of you shared may still be intact. For this reason, it is important that the two of you plan on how to divide or dissolve any shared debts you may have. This might mean paying off credit cards and closing them, or finding another arrangement like leaving solely your name on some credit cards and your spouse’s on others so you can pay them back separately in the future.
A Qualified Attorney Can Help
If you are considering divorce, you need the help of an experienced DuPage County divorce attorney with the skills and knowledge necessary to navigate the complex Illinois legal system. Call 630-904-3033 to learn more about the variety of services we offer.