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Cooping with financial issues following a divorce

On Behalf of | Jan 19, 2018 | Divorce

Divorce is a traumatic experience that can bring many changes to the lives of Kansas couples. In addition to wreaking havoc with emotions, separations frequently have a major impact on finances.

A person’s disposable income can drop dramatically after a divorce, especially if child and spousal support payments need to be made. An ex-spouse will likely experience a lower standard of living than they had during the marriage. There is light at the end of the tunnel, however. With a bit of patience and a plan of attack, it’s possible to recoup the financial losses.

Making a budget is a good place to start. A person should list their monthly income and living expenses. If necessary, they could track both for a while until a pattern emerges. When expenses are higher than income, changes need to be made — either by cutting back on expenses or finding an additional source of income.

Emotions can run rampant during the separation process. A newly divorced person should try not to worry excessively since that will only add to their anxiety level. Having a strong support system is beneficial; people should take care to choose the friends they trust during this period of upheaval. Unfortunately, some friends may be lost in the divorce process, choosing instead to support the other spouse.

Setting up new credit card and bank accounts is another financial must. If an ex-spouse is named as the beneficiary on retirement accounts and insurance policies, it may be necessary to change those documents. A family law attorney could assist with this and help make the financial transition from married to single as smooth as possible.