Ways to Ensure Adequate Financial Protection After your Divorce

By Elizabeth Sopinski

Not only is divorce a test of your emotional and psychological strength, it makes each spouse realize that he/she will not have the other to lean on for financial support. Finances are stressors in just about every marriage, but it may seem to be an insurmountable task to get your finances in order after a divorce. Some tips that you might consider following while your divorce is pending to lessen the potential for financial hardship after the divorce is over include always keeping some liquid funds in an account for emergencies, if possible (who knows, your furnace might blow and the court may require you to pay all of the expenses associated with the marital home while your divorce is pending), compute a monthly budget and try your best to stick with it (if you take the time to organize and plan out your budget, you may be more likely to stick to it), consider cost-saving measures such as downsizing or refinancing your home, trading your brand new car in for a used one, consider finding a higher paying job, spend your money only on necessary items, meet with a financial planner, and save as much of your paycheck as possible. Give yourself one item that you may want to purchase after your divorce is finalized and then think about that item any time you want to make an impulsive purchase.

These tips are only illustrative examples of what you might consider doing to help with the financial transition from being married to single. Of course, divorce is not a one-size-fits all situation. Consult with a matrimonial attorney at Levene Gouldin & Thompson for experienced assistance during your divorce or separation.