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What Will My Finances Look Like After Divorce?

On Behalf of | Oct 21, 2020 | Divorce |

Getting divorced causes many changes in a person’s life, but the scariest may be the change to your financial situation. If you chose to raise your family instead of pursuing a career, you may be worried about what your life will look like without your spouse’s income.

Adjusting to a new situation can be difficult but there are ways you can help yourself and your future.

Tips For Managing Your Finances

For most people, getting divorced means a completely new financial situation, usually with a smaller income, which means making adjustments. There are a few ways you can be proactive and take control of your finances including:

  • Creating/reworking your budget
  • Building credit in your name and opening new accounts
  • Looking for new income streams/new job opportunities
  • Setting new financial goals (i.e. creating an emergency fund, planning for retirement)

These are just a few steps you may want to take after divorce, in addition to preparing yourself financially for the process. In some cases, the courts can award you spousal support of you and your spouse may come to an arrangement, if deemed necessary.

What To Know About Spousal Support

Spousal support is designed to help the lower-earning or non-earning spouse maintain their standard of living after divorce while they figure out how to support themselves. The court may award you spousal support depending on your financial situation and prior standard of living, or you and your spouse may figure out an arrangement for it yourselves.

Spousal support is a way for you to remain in good financial health while you navigate your new situation. Many people use this time to learn new skills or go back to school so they can reenter the job market, or improve their job opportunities.

You may want to talk to your divorce attorney about spousal support, if you think you may need help due to a change in your income or financial situation after your divorce. Adjusting to your new situation can be challenging and difficult, but there is help available in many forms.