Oftentimes, the marriage dissolution process implies substantive
expenditures, and a lot of them are unexpected and even unnecessary. That is
the reason why couples get stressed out even more than they would if they knew
how to protect their assets in a divorce, what expenses are justified, and what
they can omit to save
money. In this post, we will share the top twenty ways how
to keep your money in a divorce and spend less.
Review your bank accounts
The first thing you need to do to not lose money in a divorce is to review how
much money you have in your bank accounts. You need to take a look at your personal
accounts of yours as well as at joint ones to understand what you have at your
disposal during a divorce.
Analyze your financial situation
After that, you will need to analyze what level of life you are used to and
how much you spend regularly to keep yourself and your kids in comfort during a
divorce. Also, think about the budget you are going to stick to after you are
divorced.
Count your daily expenses
Now, to establish a new budget for yourself and your kids (if you are going
to be their sole custodian), you need to count your daily expenses. Review your
credit card history for the past three months to understand how much you spend
and what expenditures can be cut. Remember that you should not limit yourself
to just food and bills unless you have a very strict amount of money left.
Don’t spend money on things you already have
Are you a shopaholic? In case you can’t help but buy a couple of clothing
items, plates, make-up pieces, etc. that you don’t need often, you are one.
Now, you can’t spend money so recklessly anymore. Instead, put your shelves,
boxes, and dressers to see how many things you have. Likely, you forgot about a
lot of them.
Educate yourself through free sources first
People who are going through a divorce for the first time, often accept
legal and other advice from people who are not professionals. As a result, they
end up taking wrong steps that complicate their divorce process and cause
additional stress. What you need to do is search for consultations in legit
places: local clerk’s office or court, federal websites, current divorce laws
publications, etc.
Think twice before hiring a lawyer
To not lose your mind trying to get in order your divorce and money, refrain from hiring an expensive lawyer. If your divorce is amicable, you can prepare for filing on your own using a divorce without lawyer Florida service.
But in the event the reason for your divorce involves violence, you should seek the services of domestic assault attorneys to safeguard your security.
Get a professional financial advice
Are you still confused about organizing your money? Now it’s time to ask
for a consultation from the financial advisor. If you are on a strict budget,
search for a charity that can help you with managing your finances during
divorce online.
Ask for a free psychological help
Divorce charities can also provide psychologists for those who appeared to
be in a difficult moral state while handling the process. You can find such
specialists online as well.
Don’t plan big purchases
Unless your house needs a renovation that you planned a long time ago and
saved money for on a separate account, you should not make any expensive
purchases at the time of divorce. Wait for the moment until you are legally
single and financially stable to do that.
Don’t spend much on vacation and don’t make it public on social media
during a divorce.
During a divorce procedure, you should not demonstrate your financial
situation or brag about your money by traveling to fancy places and posting
pictures from there all over Facebook. It’s better to stay low-key about your
vacation online and choose cheaper destinations for leisure.
Consider attending free divorce groups
It may be a great substitution for a private psychotherapist that you can’t
afford. You can also meet new friends there who will help you get through the
process easier.
Spend more time with your kids
To help your kids spend less money during divorce, use every free minute to
have quality time with them. Read books, watch movies, have bicycle rides
together, etc. to create new memories and discuss things that interest you.
Thus, you will not only save money but also become closer.
Add walks to your daily schedule
This is to have your brain refreshed and get your body moving. Now you have
a lot of things to get done but you shouldn’t forget about keeping yourself
healthy in terms of physical shape and mental state.
Keep yourself fit
Make sure your diet is full of proteins, carbs, and useful fats to keep you
strong from day to day. Add some physical activity to your days to stay even
more healthy and immune to illnesses. This is to avoid
getting infected and spending money on doctors and medicines.
Concentrate on the necessary expenditures
Meeting your basic needs at the time of divorce and after it is crucial.
Also, by paying close attention to the necessary expenditures only, you will
teach your mind to ignore marketing traps that make you spend more money.
Teach your kids to save money
If your kids already go to school and attend extracurricular activities,
they are mature enough to understand that money should not be taken for
granted. Educate them on how to spend and save money to not put the additional
burden on parents in divorce.
Close common credit accounts that you have with your partner
This is to secure yourself from the possible expenditures of your future
ex. We bet you wouldn’t want to pay your money for things they buy for
yourself, not for your family.
Think about the ways to raise your income
Despite the pressure you’ve been put under by divorce, you have to see this
critical time as an opportunity for growth. Remind yourself when was the last
time you were promoted at work, and if it was a long time ago, it’s time to
change it.
Review your health insurance terms
This step will ensure your health is not at risk of the unexpected
inability to cover medical fees in an emergency. Take your time to see what
your health insurance provides to not be stuck by surprise that you don’t have
the necessary coverage for a certain health issue.
Start a separate savings account