You don’t plan on getting divorced. But as many Americans know, through the natural course of events sometimes it happens anyway. We’re here to say, “that’s all right.” Because such a large number of people have gone through it and will experience it in the years to come, we believe it’s best to not ignore the financial implications the recently divorced face. This is a good place to begin.
After a divorce, many seek a fresh start or new beginning, and a common way to achieve that is with a move. But moving isn’t just important for shedding emotional baggage, it’s a way to achieve a welcome financial boon. Downsizing can cut your expenses in a huge way and also achieve much-needed peace of mind.
Keep in mind that after a divorce there can be new expenses with serious financial implications. Obligations such as alimony should be considered within your budgeting, so try to be conservative from the beginning.
If you haven’t been single or on your own for decades, take a long, hard look at your goals – financial or otherwise. Challenges pop up at different periods in one’s life, but for the recently divorced it’s smart to set goals for the long haul.
Put Health First
As you age, your health matters a great deal. And if you’re entering a period of being alone, assess insurance coverage based on those needs. If you were previously on a joint plan with a spouse, separating poses a new dilemma. Get that in order immediately and find the right plan to move forward.
Divorce can seem like an end, but it doesn’t have to be. Have you had a similar experience? Share your opinions by replying to this blog on Facebook or tweeting right to us.