Once divorced, people should become accustomed to fewer financial resources. The first step on the road to adjustment should be reviewing cash flow, expenses and reserves. Few money management essentials like preparing and maintaining a budget help the divorced live within their means. Adjust to a more frugal lifestyle by limiting the use of your credit cards. Consult with an accountant to review tax plans. Divorce has always been a painful passage in an individual’ life, so make use of this pause to the greatest extent possible to create the life you want.
- If possible, consult a financial planner or a daily money manager before or during the divorce. Proper planning will certainly avoid some potentially disturbing financial effects. It is really confusing to deal with the aftermath of a divorce. Know your actual cash inflow, and your debts. Consult a planner to create a realistic budget. Pay down every debt, and stop making use of credit cards as far as possible. You can even liquidate any personal valuable item to increase the cash flow. For instance, you can sell your artwork or fine jewelry (including wedding jewelry) to increase funds to pay down debt. If your employer does not offer health and life insurance, obtain one yourself.
- Pay alimony and child support, if this is a part of your divorce judgment. If any job loss or illness prevents your timely payments, notify the court immediately about the incident. The court may, however, reform your financial obligations.
- Seek your employer’ Employee Assistance Program (EAP). EAPs are only one of the workplace-provided support systems your employer may offer. An EAP helps employees acquire personal and financial counseling, and supports you with a bunch of information and potential resources for your situation.
- You may join a community for assistance while needed. These days, many communities offer support for men, women and children. They also provide assistance while in emergency with funds and food. Seek community programs before your family’s requirements become urgent.
- Reach out to your friends and ask for help during hardships. As they are well known about your divorce, they might help you accordingly knowing the suffering the divorce has caused. You can also join a divorced persons’ meeting in your community. If you talk with persons who are also divorced, it will help you learn how to tap even more into community and employment resources.
This article is by Patricia Briggs.