When you are hit with a divorce unexpectedly, you might automatically move into crisis mode without realizing it. You have to make sure that you aren’t letting the fear of the unknown ruin your financial future. Even if things are difficult now, making a plan can help you to avoid devastation down the road.
One thing that you need to do is to focus on getting the essentials. You need shelter, clothing, transportation and food. Once you have those in place, you can move your focus to other areas.
It is frightening for some people to have to rely solely on their own income. Many married individuals have gotten accustomed to having a second income, but you won’t be able to rely on this after your split.
Creating a budget might help you to prepare for what you will face financially. You can write out a plan for obtaining the four essentials, as well as paying other bills that you might have. It might take some adjusting to figure out what you can do now, but taking the time to prepare the budget now can help you feel more secure.
Once you have your budget planned out, stick to it. Some people have a habit of spending more than necessary when they go into crisis mode. Even though this might be tempting, it can ruin your plan for the future.
All of the financial decisions you make now can impact what you are facing in a few years. Make sure that you think about each decisions as it relates to your life now and in the future. All of this can also impact your property division settlement.
Source: Dave Ramsey, “After the Divorce: How to Secure Your Financial Future,” accessed Nov. 08, 2017