Patrick Breen Court: Post-Divorce Finances

Divorce Finances

Welcome to the Patrick Breen blog. Your finances post-divorce can significantly set you back. Emotionally, it can devastate your self-esteem and your belief of what your life can be like in the future. Regardless of the reasons for the split, the repercussions may linger for a long time after. If your divorce was particularly contentious, you might have a long road ahead for recovery. One thing you can take control of relatively quickly is your financial situation. After the property, debt, and assets get divided, you will have to begin getting yourself on a good financial path. Take a closer look at these five things you can do to improve your finances post-divorce and set yourself up for financial success in the future.

During your marriage, perhaps your combined income did not require you to create a budget. Now that you are a one-income household, you should start getting into the habit. A budget is not meant to intimidate or shame, but rather help. It allows you to get a clear picture of how much money you make and where it needs to go. Start by listing all of your household bills.

After you fill these in, move on to your monthly debt payments. These can include an auto loan, credit card, and student loan. The final step is to factor in groceries, household goods, and other monthly expenses. These may not be easy to figure out at first, but after a few months, you will get a better idea of how much these will cost.

Paying with credit is usually easy. It means you can get what you want without having to wait and save. To get back on your feet after a divorce, though, it is best to hold off on purchasing large items with credit. There are exceptions to this, of course, but as a general rule, use cash when possible. Saving away cash for a few months to purchase a couch may feel like it is taking forever, but it will save you money down the road.

Getting to a good place with your finances post-divorce may take time and patience. You may experience setbacks along the way, but you will get there if you keep plugging along. Give yourself some grace during the process. Remember, you are still healing from a life-altering event. You need to show yourself some brevity when trying to get back on your feet.

Patrick Breen is a lawyer committed to non-confrontational divorce, child arrangements, and alternative dispute resolutions. Learn more about Patrick Breen Court here. Follow Patrick Breen on instagram here for an unconventional marriage advice. Read the latest Patrick Breen Liverpool teacher news here.