Divorce is going to be one of the most stressful periods of your life. The financial aspect of divorce is one of those pain points during a divorce. Some people have two incomes and are just making enough to survive in their current lifestyle. In other cases, there is one party that makes most of the money and without a settlement or alimony, the other person will struggle financially. Prenuptial agreements actually make marriage far easier in terms of dividing property. The following are tips to prepare and recover financially from a divorce.
Establish A Cash Nest Egg
You are not going to be able to squirrel money away into a secret account during a divorce where a forensic accountant gets involved. Slowly creating a nest egg of cash can be done quite covertly. Doing this each time you are checking out at the grocery store or other stores where they ask if you want cashback, do this then save it in a safety deposit box. There are so many divorces that drag out due to one party trying to exert their power over their ex using finances.
Live With Family Or Friends To Save Money
The first few months after a divorce or at the beginning of a separation is tough. Living with friends or family members can be a good way to get out of an unhappy home while saving money. This does not mean to be a burden on these people though financially but rather just have a place to stay. You might find a family member needs help around the house and is willing to trade that in lieu of rental payments.
Pick An Attorney That Has A Convenient Payment Structure
Finding a family law attorney in your area that is experienced in cases like your own can be important. Children being involved in a divorce makes things far more complicated. There are attorneys that will take a percentage of your settlement while others might get more creative with their fee structure. Finding an attorney that practices family law in Raleigh or the Triangle Area can allow you to figure out what your next steps are during the divorce process.
Start Saving By Cutting Out Expenses For Couples
Couples can spend immense amounts of money on entertainment like going out to eat or going to concerts. Living alone might not allow you to split the expenses with someone but can reduce spending. Getting a roommate can allow you to have the convenience of another person contributing financially without being romantically involved. There are a number of couples that have additional bedrooms that would be rented out if they were single.
Recovering from a divorce might take months emotionally and financially. Taking control back in your life is important and not coping by spending irresponsibly is also very important. You need to make sure you are taking care of yourself during this time as well as you can be quite easy to wallow in self-pity after a contentious divorce.