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3 steps to making a financial recovery after divorce

Ending your marriage is one of the most life-altering actions you can take, and the process can significantly impact your finances. Divorcing your spouse undoubtedly has an effect on your day-to-day lifestyle as well. Dividing property, legal costs and living on a single income can all wreak havoc on your financial stability.

During the course of your divorce, you may lose some or all of your retirement funds, investments, business interests and real estate. While all this is going on, your income may fall as your expenses rise. Thankfully, not everything is bad news. There are some simple things you can do to improve your financial situation

1. Take inventory of your finances

To manage this tumultuous situation, you must understand your current circumstances. Create an inventory of all your finances, including:

  • Income
  • Assets
  • Expenses
  • Debts

Organize these items in a binder or spreadsheet. By simply creating a single place where you can understand the big picture of your finances, you will make your life much easier. Remember, knowledge is power.

2. Make a new budget

Your post-divorce income and expenses may be stressing you out. If you are not careful, you may find yourself in a hole of debt while you adjust to your new lifestyle. Start keeping tabs on what you spend. You may need to cut some discretionary or luxury spending or look for a new source of income.  

3. Prioritize your next steps

Once you have the basics under control, it is time to figure out what you must devote most of your attention to. If you do not have enough income to manage your current budget, then perhaps finding new work may be your core concern. On the other hand, if you have enough income but are still struggling with the aftermath of your divorce, you can consider talking to a trustworthy friend, family member or even a financial planner.

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A Wonderful Experience

I had a wonderful experience with Kennedy Law Associates. Marsha Kennedy and her Associates were knowledgeable, efficient, and caring. I felt like my case was a high priority to them, and they helped me understand every step of the divorce process throughout my entire case. I would highly recommend this firm to anyone looking for assistance with a family law matter!
Jennifer Haines

Smart, Caring Staff

I am savvy financially, but had no clue about the divorce process. Through it all, Ms. Kennedy and her staff have been there for me and my kids.
Anonymous

The experience you need through a difficult time

Marsha Kennedy and her team has expertly handled each situation and guided me through the process.
Kelly

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Kennedy Family Law did a wonderful job representing me in my divorce. Always responsive and kept me informed – they really cared about me.
Bette Frederick

Highly Recommend!

I have been working with Marsha Kennedy and her team and am so impressed with how my case is being handled.
Kelly Peterson
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