6 tips to start over Financially after Divorce

Being a Self-care advocate, I am always thinking of ways to look out for you. I am fortunate and consider it as a blessing to be in a position to be your cheerleader and soul sister in this journey we call Life. But my job is not all about giving you self-care tips and make you feel good and then call it a day. I also want to be your resource when you make important choices and decisions in life. I want to be right there with you in your hard moments and offer you practical solutions when you are looking for one. I will be your sounding board to bounce off ideas if you let me and I want to be damn good at that!

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God forbid, one of those situations you may need company is divorce. Grief comes with the territory as you are dealing with a life-changing event, especially if it involves kids.

And what about financial ramifications?

Divorce is hard enough without having to think about money.

The despair, heartbreak, and loneliness are more than enough to keep our minds busy. Unfortunately, life goes on and so does our bills. We can easily fall into a hole and get behind if we don’t keep our wits about us. How do we, as women, accomplish this stability? How can we move on after such a difficult transition as divorce?

6 Tips to Start Over Financially After Divorce

Here are some tips to smooth the process out a bit:

1. Commit to never making a financial decision without sleeping on it

Most of the money mistakes that we might make can be avoided if we take time to think them through. Snap decisions are a huge mistake during any stressful time, and divorce is the very definition of stressful. Sleep on every decision that involves money and that includes purchases and you will be off to a great start.

2. Immediately sever ties with your ex financially

If you are divorced, then you seemingly have been apart for at least a year. That is more than long enough to get your finances completely separated. This should actually happen the moment you separate. This includes bills, accounts, recurring billing, vehicle titles and so on. The home will be taken care of in the divorce, so you should be completely your own entity financially.

3. Keep excellent records and files

Make sure you use common sense and keep records of everything. This means filing everything and making backups of titles, records, social security, insurance and virtually anything else that you might have the need for financially. Knowing what you have and where to find it is vital to your money management.

4. Secure a trusted financial planner

Financial planners are worth their weight in gold when you are started fresh. They know how to allocate your expendable income in the most effective ways and they can get you moving toward financial stability. Having an expert on hand is very important.

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5. Try to file separately if possible

Although you certainly might be obligated in certain instances to file together, explore your options for filing separately. When it is possible, do this. Consult your lawyer about this and you can find out for certain.

6. Live below your means for a time

Although you may or may not have the funds to live better, you should live below your means for a period of time. The last thing you want to do is overspend before you understand what it is going to take to survive. Being on your own for the first time in a long time is not an easy thing to do and it takes a certain amount of adjustment. Spend thrifty until you have a good feel for what it will take. Moving on after divorce certainly takes effort, but it is not impossible.