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Ways to take control of finances after divorce

On Behalf of | Sep 24, 2019 | Divorce |

The divorce process can create financial challenges for Virginia residents. As a person tries to rebuild their new life, they want to make sure that they get control of their finances as quickly as possible after the divorce. Being proactive is essential in order to put financial struggles to an end.

Many who have gone through the divorce process quickly realize that they have to put old spending habits to an end unless they want to experience financial disaster. Since many are dealing with less income and more expenses after a divorce, it is important to create a new budget as quickly as possible. It is likely that a person may now have one income and be dealing with new financial obligations, like paying alimony or child support.

Some may need to refinance their debt and find ways to pay it off as quickly as possible. When creating a new budget, it is good to work in extra payments for the debt in order to pay it down. It may be necessary to give up small luxuries for a limited time to accomplish these goals.

Divorce may mean that a person no longer has health insurance. Now may be the time where they need to explore the best way to get covered as a single individual. It’s important to be sure that there is no gap in coverage because even a minor injury or illness could lead to serious financial problems.

A person who is thinking about divorce may wish to speak with a family law attorney to get information about asset division, property division and other things related to the way their finances will be affected if they decide to file for divorce. The attorney may be able to help their client draw up divorce-related documents and represent their client in court if it is necessary.