Downsizing After Divorce
After a divorce, one of the biggest issues you will face is money. Your assets will be split in a divorce, which means that you may be facing financial difficulties after a split. You may not be able to afford the lifestyle you once enjoyed.
Because of this, you should expect to downsize after a divorce. Even if your spouse allows you to have the marital home after a divorce, it may not be the best option based on your finances. Can you afford the home on your own?
You’ll need to lower your expectations after a divorce. You may not be able to afford fancy clothes and high-end vacations for a while. You may even need to move into a smaller home or apartment as you save your money. Here are some things to consider as you downsize and adjust to a new life after divorce.
Accept Your Situation
Come to terms with reality and understand that you will need to make some changes to your life. Create a budget and start looking for ways to cut back. Sell unnecessary items to earn some extra cash. Decide what you need to do employment-wise. Do you need to get a second job? Can you work more hours at your current job? Do you need to go back to school and consider a new career altogether?
Change Your Living Space
Many people want to stay in the marital home, unaware of how much this can cost. Houses require upkeep, and there are also taxes and insurance to consider. You may have been able to afford it when you were married, but what about on your salary alone? Many people find it too overwhelming to stay in the marital home, both financially and emotionally. The place has too many memories, both good and bad, and it might be better to find a smaller home to call your own.
Knock Down Debt
Avoid using credit cards when possible. Pay for what you need with cash. You will likely already have a pile of debt by the time your divorce is finalized, so avoid taking on more debt. Start paying down what you owe so you can free up money for things you really want, like entertainment or maybe a new car. For necessities, like clothing, consider thrift stores and garage sales.
Trade in Your Car
Many people buy more car than they can really afford. If you’re struggling with your car payment, consider a smaller used vehicle. Buying a new car is not a good investment. You can get a reliable used car for under $15,000.
Seek Legal Help
A divorce is a life-changing situation. Don’t expect to live your post-divorce life the same way you did before. Changes will likely need to be made, so be prepared.
Fort Lauderdale divorce attorney Edward J. Jennings, P.A. can guide you through life post-divorce. He can offer compassion during this stressful time. To schedule a consultation, fill out the online form or call 954-764-4330.
Resource:
thedollarstretcher.com/family-finances/downsizing-your-lifestyle-after-divorce/
https://www.ejj-law.com/how-to-protect-your-business-in-a-divorce/
