Gaining control of your finances after your divorce

On Behalf of | Jul 15, 2022 | Divorce |

One of the biggest worries for divorcing Texas couples is their financial health after the dissolution of the marriage. Depending on your situation before the divorce, the challenges you might encounter can be scary. However, there are steps you can take to help you take control of your finances.

Create a budget with realistic adjustments

The first step towards taking control of your finances after your divorce is to create a budget. This budget, however, will need to include adjustments to reflect what you can afford. This might mean having to give up some luxuries, even temporarily, as you move into single life. Some of the adjustments you might need to make include:

  • Downsizing your home for a lower mortgage or rent
  • Forgoing gym and other memberships
  • Luxurious vacations
  • Reconsidering some educational expenses

Build up your individual credit

The second step when it comes to your finances after your divorce will be building up your individual credit. Because married couples usually have joint debts and credit, you will first need to address this by settling who is responsible for debt and getting your name removed from any debts or credit accounts that you are not responsible for. You will also need to apply for your own credit line. Additionally, you need to make sure you keep up to date with your monthly payments, such as those for utilities, cellular phone and internet.

Starting a new stage of life can be challenging. It can be even tougher if you are in a situation where you are transitioning from being a stay-at-home spouse to returning to the workforce. However, you should remember that divorce takes time and as you work through the process, you will take small steps to overcome challenges and take control of not just your finances but of all aspects of your life.