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Financial tips during and after a divorce

There is no denying the fact that getting divorced can be a stressful and financially challenging experience. For many couples in Illinois, in fact, financial struggles may well have been big contributors to the marital troubles that led to a divorce. In addition, life after a divorce can often see people with reduced income and the need to readjust their living styles in order to accommodate their new financial pictures.

Time indicates that one important thing for people to do is identify their personal financial goals. For some people, this may be financing a college education for their kids while for others this may be about paying down debt. There is no right or wrong here but these goals are important as they can dictate other decisions that may need to be made.

Once goals are identified, Entrepreneur recommends that it is good to take an inventory of the entire financial picture. This includes not just income and everyday living expenses but other assets like savings or investments and expenses like insurance for health care, life, disability and more. Taxes also should be factored in as an expense, especially for people who may be receiving spousal support.

Living within one's means is also a wise way to start off a newly single life. If this means downsizing, people are encouraged to embrace this option earlier rather than later to avoid paying more than is necessary for too long and also to avoid running into new debt problems when trying to get back on one's feet.

 

 

 

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Courtney, Clark & Mejias, P.C.
104 South Charles Street
Belleville, IL 62220

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