Home Finance and Budgeting How To Survive Financial Instability As A Divorced Mom

How To Survive Financial Instability As A Divorced Mom

by Cynthia
How To Survive Financial Instability As A Divorced Mom

Divorce can be endured, but not financial crises. In fact, financial crises resulting from a recent divorce must not be endured. There is no denying the fact that women experience financial hardships following a divorce, but it doesn’t have to be this way – not when you can read and apply the helpful tips in this article.

Most women suffer financial difficulties because they did not see the divorce coming. Who does, anyway?  Getting a divorce shouldn’t affect your financial life and you can survive a divorce ordeal emotionally and come up on top financially if you bookmark this article to learn the tricks for financial survival following a divorce.

  1. Chart The Potential Effects Of A Divorce On Your Life

Since no one ever looks forward to divorce, everyone is prone to it. But in a situation where you are in the process of getting a divorce and you can see its inevitability, you can protect yourself by rightly positioning yourself from its terrible consequences.

You must start charting its potential and actual effects on your life. Some of these are:

  • Loss or reduced incomes
  • Emotional and health implications
  • Children’s education
  • Accommodation issues
  • Rejection by friends and family
  • Loss or decline in the volume of assets

When you understand these potential impacts, you will be in a mental and physical state to take proactive measures to safeguard yourself.

  1. Review Your Employable Skills

Since you are pulling the plugs on your marriage, you must start looking inward for personal talents and skills that can fetch you money. This is the time to update your CV or resume with additional skills and qualifications.

Having decided that you still want to work and that you are very employable, you must set about the task of searching for new job opportunities.

Considering that you may have been out of formal job environments for so long and you have little children to care for, it is advisable you search for well-paying work-from-home job opportunities.

These could be in the area of article writing, graphic designs, website development, online counseling, eCommerce/dropshipping, and virtual assistance among others. The core thing to do, however, is to review your employable skills and probably pursue a work at home job opportunities.

In addition, we all have talent and skills embedded in us, but, most times, we don’t get to use them until we are faced with difficult financial situations. There are many people out there in need of that skill you are not paying attention to. Your writing talent, creative design skills, sewing, and crocheting techniques, teaching and editing skills, etc., are a good source of adding extra income to your account.

  1. Determine Assets You Desire During A Settlement

If divorce is staring you in the face, begin to prepare by evaluating assets you could fight for during the settlement. These assets could be the family business, family home, inheritances, real estate, and even child custody rights as well as visitation agreements among other things.

The assets you claim during the divorce settlement will go a long way to insulate you against financial embarrassments and poverty.

  1. Create A New Budget For A New Lifestyle

Becoming single again after a divorce case is a different ball game altogether. You are becoming very independent and the master of your own destiny. You take solo decisions and implement solo actions now. So you must create a new budget for a new lifestyle that will reflect your reduced income and current situation.

If living in the old family mansion would take a toll on your finances, it is best to sell off the house and move into a sizable home that will require lower maintenance.

Maintaining a fleet of cars and employing half-dozen maids should be reviewed to cut down costs. You might even have to stop going to restaurants and cook your own meals instead to save money. Anything that would increase your expenses without a corresponding increase in income should be avoided.

  1. Hire Divorce Professionals To Help

The United States is not like many countries where couples will fall out of favor with each other and then move out of their matrimonial homes without looking back. This is a country where women must get the most they can get out of any marriage, and from any divorce case to live a post-marriage life that is comfortable and respectable.

To make your divorce proceeding run smoothly, you require the services of professional divorce attorneys, divorce financial analysts, a mediator, and a counselor among others to help you get the most from your divorce case. They will also help to safeguard you from the potential setbacks that may occur as a result of your divorce.

  1. Review Your Life Documents & Joint Bank Accounts

If you have a will and your husband is a beneficiary of your estate upon your death, then this is probably the time to remove him from your will. If you operate joint bank accounts and credit cards with your husband, you must cancel the arrangement immediately to safeguard your finances.

It also makes perfect sense to review other crucial documents such as bank statements, disability insurance policies, loans, and mortgages, as well as investments with your divorce team.

Also, you might remove the power of attorney from your husband if he had been designated to manage your healthcare if you are ever ill or disabled.

You must then appoint another individual as your health care proxy with the appropriate power of attorney. It may be hard to obtain these documents if your soon-to-be-divorced husband is not cooperating, but you may have to resort to feminine ruses and charm to acquire the papers long before the divorce takes a definite shape.

  1. Consider Community Jobs

Although work-at-home jobs might pay you more, you must also be open to small employment opportunities in your neighborhood. Jobs that you could consider include daycare assistance, elderly care business, office receptionist, sales representative, car-wash assistant, and marketing executive among others. You should also consider small businesses you could set up at little cost.

As a stay at home mom facing imminent divorce, you must prepare for the worst by saving more and spending less.

You must embrace anything that could give you access to quick and sustainable funds. And don’t be afraid to hire divorce attorneys and finance professionals that could help you obtain the most possible assets from your divorce event. And who knows, they may also help you acquire alimony or child support from your spouse during your separation or after the divorce case.

Photo by RODNAE Productions

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