When you are used to living in a dual-income home, the process of adapting to single-income living after a divorce is difficult. You may notice that budgeting and planning your finances is much harder alone, making it challenging to create a set budget for spending. However, avoiding financial pitfalls and other mistakes is vital to your success as a single adult. Our Pensacola divorce attorneys know precisely what to avoid financially after divorce.
Treating Yourself too Much
There’s nothing wrong with a little pick-me-up every now and then. Making purchases for yourself is therapeutic, especially when you are going through a difficult time in life. Maybe you have been eyeing a new shirt or want to get a mani-pedi to lift your spirits. However, it is essential to remember that you should not overspend or make massive, life-changing purchases. This will help prevent financial stress. The key to success? Retail therapy in moderation. Choose specific days of the week or month to treat yourself to a meal out or a small shopping spree.
Not Switching Bank Accounts
After separating from your spouse, it is vital to have all financial accounts in your name alone. If you don’t change your accounts, there is a chance that your ex could spend large amounts of money, leaving you with debt. You can divide the balance and close your accounts during the divorce, ensuring that your ex does not have access.
Ignoring Your Marital Debts
Typically, it is best to pay off all debts before a divorce becomes final. This makes it easier for both parties involved to move on. However, it is not always possible to simply pay off debts. If you have payments to make after your divorce, make sure that you know how much and when you need to make payments. Credit card companies don’t care that you recently separated and will continue to press for payments.
Not Creating a Budget
This is perhaps the most significant financial mistake you can make post-divorce. Living in a single-income household is different than a dual-income home. You no longer have another person to rely on financially, which is why it is critical to plan out a budget. Make sure to account for your income and all living expenses, including debts. After doing this, you will know exactly how much disposable income you have monthly and can make informed decisions about your purchases.
Pensacola Divorce Attorneys
If you are having a hard time adapting financially after divorce, let our divorce attorneys at Autumn Beck Blackledge PLLC give you the assistance that you deserve. We can help you navigate through separation and creating a budget for your success.
Contact our office today at (850) 404-7263 to schedule a consultation with one of our experienced divorce attorneys!