Call To Find Your Way Forward 203-583-8256

The Law Offices of James A. Cuddy, LLC

Call To Find Your Way Forward 203-583-8256

Call To Find Your Way Forward 203-583-8256

Direct, Honest And Fair Family Law Solutions

Preserving your money during divorce and rebuilding it afterward

On Behalf of | Jan 31, 2023 | Blog, Divorce

Financial loss is a common side effect of divorce, especially if you do not prepare for some of the big changes coming your way. Without adequate planning, you could continue to suffer the impact of your split for many years to come.

Contrarily, when you anticipate what will happen, you can take proactive steps to preserve your money. Some careful planning can help you gradually rebuild your wealth so you can continue to live a comfortable life.

Set goals

Look at your life and assess your goals for the future. Do not let your divorce bring you down. Strategize ways that you can maintain your aspirations and map out a plan to achieve those goals. Having concrete goals that meet requirements to stay realistic and measurable, might increase your motivation and morale while you manage the impact of divorce.

Prioritize privacy

Refrain from the temptation to overshare details of your experience with anyone willing to listen. According to USA Today, your divorce will require access to a lot of personal details about your life and finances. Sharing this information openly with others could jeopardize your settlement. It could also increase your risk of financial loss if you give private information to the wrong person.

Live conservatively

While you might have formerly lived one way, assuming full responsibility for all debts and assets might require you to reign in your spending. For a temporary time, adopt a conservative approach. This could look like eating out less, selling unneeded assets, closing fringe subscriptions and minimizing travel, for example. Your decision to save as much as you can and avoid debt will put you light years ahead of other divorcees.

Contrary to what many think, divorce does not have to create lifelong poverty. The way you approach this situation can have an instrumental impact on the outcome of the rest of your life.