One of the biggest challenges estranged New York couples might face is the state of their finances after a divorce. For some, the end of the marriage means having to learn to live on one income instead of two. For others, it might mean having to return to the workforce after years away. While this next stage might seem scary, you can overcome it and achieve financial freedom.
Take stock of your financial situation
The road to financial freedom can start before your divorce is finalized. In fact, as you plan, you will also need to evaluate what your financial situation will look like once the divorce is final. This process includes:
- Making a new budget that anticipates your fixed and variable expenses
- Identifying which expenses are truly required and which, if necessary, you can give up
- Looking at your income and its sources
- Comparing your income and expenses to begin making any needed changes
- Using the previous information to prepare for your negotiations with your spouse over your assets
Make realistic changes to fit your budget
Some of the changes you might need to make during and after your divorce might be permanent. It might not be possible to keep the family home and selling and choosing something more affordable might be the better option for you. Other changes might be temporary. You might need to give up expenses that are considered luxuries, such as a gym membership or a fancy vacation. You might also look at ways to increase your income, if necessary, by getting a second job or getting additional preparation to seek higher pay.
Though the road to financial freedom might seem hard, you can work towards that goal as soon as you know your marriage is ending. Try to make decisions when you are calm and focused and avoid deciding financial issues based on your emotions.