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Steps to take to financially recover from a divorce

Steps to take to financially recover from a divorce

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A divorce is a big event that comes with many adjustments. In many cases, the financial adjustment is as challenging as the emotional adjustment.

For many people, the divorce settlement does not completely clarify a person’s financial situation, requiring a period of learning to live in a new normal.

Positive steps to take

While each person’s situation is different, a number of proven steps provide help to a wide spectrum of individuals. An article in Entrepreneur advises people not to spend time panicking about finances as this is just wasted energy. Instead, a person should focus on understanding the facts about his or her new situation. Taking inventory of net worth, expenses and income can clarify matters. Creating a budget that reflects the current reality can help a person not spend too much at first. Listening to the advice of a legal representative helps a person set up accounts properly with attention paid to beneficiary information. Organizing financial priorities is also a way to discover new areas of interest.

Creative options to consider

After a divorce, a person may need to look at alternative ways to bounce back financially. An article in USA Today touts the merits of creative methods to finance trips and vacations, such as using reward points, staying local or visiting friends that have an extra room or couch. A person could either reduce expenditures or look to create a higher income to stay within budget and avoid piling up debt. This can also be a good time to set new financial goals. These goals could be as simple as reducing credit card debt or as grandiose as buying a new dream home. The important thing is to set goals that embrace a new chapter.