When you decided to move on in life without your spouse rather than remain in a relationship that’s no longer sustainable, you may have expected that money would be tight for a while. This may be especially true if you have been a stay-at-home parent who set aside a career or furthering of your education for the sake of your family. You know that, after a California judge settles your divorce, you must still make ends meet, and you’re worried about finances.
There are many people who can relate to your circumstances, particularly those who have children and feel anxious about being able to provide for their financial needs following a divorce. Divorce can have a substantial impact on finances. However, there are several things you can do that might help build financial solvency as you and your children adapt to a new lifestyle.
Determine what you are entitled to in a divorce settlement
Many financial issues can be addressed and resolved before you ever leave the courtroom when you are navigating a divorce. Making sure that you receive all that you’re entitled to is the first step toward rebuilding your financial portfolio. Determine whether your ex will be paying child support, whether you will receive spousal support and exactly how much you receive as your share of marital assets.
Once you know all of that, you can determine what you have on hand versus how much you will need to bring in as income to be standing on firm financial ground after your divorce.
Consider ways to increase your potential earning level
Following a divorce, it might be a good idea to become certified in a specific industry or to go back to school to earn a higher degree. You might want to take classes to learn a new skill. Think of things you might enjoy doing, and determine which ones would help you raise your earning potential.
Such issues often intersect with divorce proceedings. For instance, if you know that you will be going back to school or taking classes to boost your business skills, the court can take this into consideration when making financial support decisions.
Launch your own business to generate more cash flow
Becoming a business owner might be one of the best options available for increasing cash flow, following your divorce. If you aren’t sure what type of business to launch, spending time researching online and speaking with other business owners, especially those who started their companies after a divorce, might help you create ideas.
Reach out for additional support
As you and your children figure out a new financial system in the wake of a divorce, you might want to enlist support from close friends and family members. While you don’t necessarily have to ask someone to loan you money, there are other things that can help. For instance, someone might invite you and the kids to stay with them, rent-free, so that you can save money for a place of your own.
A trusted or friend or family member might be willing to watch your children while you are at work, so that you don’t have to fork out tons of money for childcare. If a few people provide second-hand clothing for you and your kids, this can help save money, as well.
The sooner you handle legal issues, the better
Rebuilding your finances after divorce will take time, and you may encounter challenges. If a legal dispute arises between you and your ex, this may affect your finances, which is why it is always best to resolve the issue as soon as possible, even if it means returning to court to do so.