After relying on your spouse for financial support, divorce can be devastating to your financial situation. Many separate without an established source of income and find it difficult to secure a job after an employment gap. An attorney will advise you on the next best steps based on your situation. In the meantime, here are a few general principles to help you get on your feet.
How to Recover Financially After Divorce
1. Understand Your Means
Even with a new job, alimony, and child support, there is no guarantee that your finances after divorce will support the same lifestyle you enjoyed before. It’s essential to take an honest look at your means and budget with your new income in mind. You may need to move to a smaller home, change to a less expensive car, and limit your spending on restaurants and entertainment.
2. Create an Independent Credit History
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n the past, you may have qualified for credit and loans as a couple that no longer apply as an individual. Your score may also lower due to disuse. Take out a modest line of credit in your name, and use it responsibly, paying it off as you go. Doing so will help increase your number.
3. Put Together a Long-Term Plan
During or after your divorce, set yourself a few obtainable financial goals to work toward. Getting a job that can support you and your family is a practical place to start. Aim for homeownership, paying off any outstanding debts, or reaching a certain income level. Take steps each month to achieve these pursuits; limit spending, set aside funds, and apply for jobs in your field of interest.
If you’re concerned about your financial prospects after divorce, turn to the Law Offices of Robert B. Liotta, Esq. in Westmoreland County, PA. The firm offers quality guidance and representation to protect your interests during the proceedings. In addition to family law, Robert Liotta also provides legal advice in a range of other areas, including real estate, wills and estate planning, personal injury, and civil litigation. To arrange a consultation, contact the firm online or at (724) 334-9870.
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