Studies have shown that nearly 20% of divorces over the past five years have been postponed because of financial issues. It's widely understood that one of the main worries and reasons for hesitation when contemplating separation or divorce is the financial impact. While handling finances can be scary and overwhelming, it is essential to managing the divorce process. In fact, once you assess and organize your financial situation, you can feel more at ease and gain the confidence needed to reach a new level of financial independence.
I'm not going to sugarcoat it; transitioning from a dual-income household to a single-income one is noticeable for most people. However, you can lessen this effect by:
Being aware of your finances - What are your expenses?
Being an advocate for your lifestyle - Justify your expenses/monthly budget when negotiating your settlement
Achieving financial independence - managing your finances during the divorce process and afterward as you embark on the next phase of your life
First Steps?
Monitor your expenses using our free worksheets below. One worksheet includes labeled categories, while the other is blank, allowing you to create your own categories. Begin on the first day of the upcoming month and track your expenses for three months to identify patterns.
During a divorce, it's common to feel overwhelmed by the emotional aspects. However, focusing on your financial well-being can prepare you for a more secure future. Attending workshops like those offered by Second Saturday Tampa Bay provides valuable insights from local experts, empowering you to make informed financial decisions during this challenging time. Hear from a Certified Divorce Financial Analyst® about financial matters related to divorce. Register for our next workshop here.
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