7 Sure Fire Ways of Recovering Financially After A Divorce

A divorce can destroy you financially

A divorce can destroy you financially. If you are not financially independent and relied on your ex for money, when divorce comes, you can find yourself struggling to make a living. If you are struggling to make ends meet, there is a way out. Recovering financially after a divorce is possible, follow these tips and you will get your finances repaired.

Multiple Streams

Look for multiple streams of income. What you have coming in from one source might not add to much. But if you can be making that same amount of money from 2 or 3 places it improves your chances of repairing your finances by paying debt and saving some money for the future.

Build a Budget

If you have to improve your financial status, you have to watch what you spend. You should be able to account for what goes in and what goes out. You should know what is an asset or a liability. Look at your budget and find a way to trim it every day. Do away with things you want and go for things that you really need.

Be Real

Be realistic. The lifestyle you used to have before divorce will have to go. You cannot maintain that lifestyle standard. Even if you can, save your money until you have a more stable financial future. You have nothing to be ashamed of. Avoid financial recklessness. It will cost you severely if you choose to live beyond your means.

Chase Debt Away

There is no way you are going to be recovering financially from divorce without canceling your debt. If you have no job, filing for bankruptcy is an option. You should be willing to do whatever it takes to cancel your debt.

Know Details

Know the details of your divorce settlement. You need to know what financial benefits come to you individually and as an ex couple. If you have agreed to joint assets, know what comes to you and how much you are entitled to. If you are receiving child support, know the details of the alimony and when it will be paid.

This gives you a strong idea about your finances and what to do about them.

Check Your Credit

Check your credit statements. If you and your ex are in the debt together as a married couple, make amends towards wiping your debts separately. Keep tabs on the statements to avoid new debt incurred in your name.

Recovering financially from divorce does not happen in a day. It is a gradual process. Find alternative means of income. Live on a shoe-string budget until things improve. Never try to live beyond your means. Make it a point to cancel your debts by any means necessary even if it means declaring bankruptcy. Always be in the loop with your credit details and the debts you are servicing.

7 Sure Fire Ways of Recovering Financially After A Divorce

By: Deborah Banks

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