It’s common to struggle financially in the wake of divorce. That’s why family law attorneys advise clients to take certain steps before filing. Regardless of what happens during the proceedings, though—or what the terms of the separation agreement entail—there are ways to regain your security after the divorce is finalized. Here’s how to get started on the path to financial freedom upon ending your marriage. 

3 Tips for Regaining Your Financial Footing After Divorce

1. Enable Automatic Bill Pay

For accounts where it is offered, set up automatic bill pay. This will ensure you never miss a payment. After the divorce, it’s hard to remember to make regular payments on the balances that your ex used to cover in particular. Since a single late payment will hurt your credit score, set up automatic withdrawals as soon as possible. 

2. Devise a Budget

Once you have determined your living situation, create a budget. Sticking to a financial plan instead of merely paying bills as they arise will allow you to pay off debt faster, save more, and perhaps even retire earlier. 

3. Plan for the Future

It’s disheartening to lose some portion of your life’s savings in divorce. Don’t let that get in the way of reaching financial goals, though. Once the divorce is finalized, find ways to catch up sooner rather than later. Meeting with a financial advisor is a great place to start. An experienced professional will evaluate your situation and help determine the most effective ways to put your money to work. 

The family law team at Hackworth, Ferguson & Thompson is committed to protecting their clients’ financial interests at every stage of divorce proceedings. Located in Piedmont, this general practice firm has been representing those throughout Southeast Missouri for more than 45 years. In addition to family law, they counsel clients in a wide range of other areas, including bankruptcy law, criminal defense, business litigation, personal injury law, estate planning, and Social Security law. To request an initial consultation with a family law attorney on their team, reach out on their website or call (573) 223-4247.