Getting divorced changes your life, in more ways than one. For some, their financial future may be one of their top concerns. It’s not uncommon for one spouse to give up their career in order to support their spouse and/or raise a family, but where does that leave them once the marriage ends?
If you’re thinking about divorce and worried because your spouse is the breadwinner in the family, you might wonder what your life will look like afterwards.
Figuring Out Your Finances
While starting a new life with a new financial picture might be intimidating, it’s more than possible. Your circumstances may change significantly, but there are steps you can take to prepare for this and start to plan for your new life. A few actions you may want to take include:
- Take inventory – figure out your current finances including what you own, your assets and any liabilities, then think about what you want after your divorce and how you may want to negotiate. This can help you create a more well thought out plan.
- Creating a plan/budget – getting used to a new normal can be difficult, but creating a plan can help sort things out, starting by listing your expected expenses and crafting a budget to help you navigate your finances.
- Setup your own accounts – many married couples have joint savings accounts, joint credit cards and other shared finances. Starting your own banking accounts and opening credit cards in your own name is one of the first steps you might want to take
Figuring out your finances and planning for an unknown future can be challenging, but there are also ways you can get help.
Your future may seem intimidating, starting off on your own, but there are ways you can get help. Consulting with friends, family and a financial planner can help you get a better handle on your plans and your future. Talking with your divorce attorney about getting spousal support can help you start your new life with more security.
Spousal support is designed to limit unfair economic effects of a divorce. If your spouse was the primary breadwinner of your family, you may be able to seek spousal support either through a court order or an agreement between you and your spouse during the divorce settlement process. This can help you maintain your standard of living until you can get on your feet and gain the skills or tools you need to support yourself.
Divorce comes with many challenges, but financial security does not have to be one of them. There are ways you can plan ahead and find peace of mind heading into the next chapter of your life.