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How can I bounce back financially after a divorce?

On Behalf of | Sep 10, 2018 | Family Law |

It’s no secret that divorce can be expensive. As a result, many divorcing couples in Ohio find themselves in a precarious financial state once the dust settles. Not only might you lose half of your assets, you’ll also be responsible for legal fees and child support if you’re the non-custodial parent. It is possible to bounce back from divorce however, as illustrated by these tips from Entrepreneur.

Gather information

Facing a new financial future is indeed stressful. Information is invaluable in this case, as it will show you exactly where you stand. Take a moment to write down your current debts, assets, and income. From here you’ll have a better idea of how much money you have to work with and where your spending can be streamlined. You can even create a spreadsheet so you can easily comprehend this financial information and make changes as your situation evolves.

Prioritize

Once you have a clear picture of your finances, the next step is to prioritize. If your finances are insufficient for your current debts, the top priority will be to create a reasonable budget. This often entails cutting back on unnecessary purchases while also streamlining your life. You may also want to look at boosting your income by selling off items or taking on more work if possible. Put the most pressing expenses at the top of the list while also putting some money aside to build your savings.

Don’t panic

While it’s natural to worry after a divorce, it’s not exactly helpful. In fact, excessive worry can impact you both physically and mentally, as well as having an effect on your children. Remember that you can only take on one problem at a time; try your best to keep your wits about you no matter what you’re faced with. In most cases you’ll find that brighter days are right around the corner.

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