Preparing financially for divorce is incredibly important. However much you look forward to ending your marriage, there will be some psychological and emotional hangover to deal with. By taking time to think about and prepare your finances, you avoid them adding to that stress.
How can I reduce my post-divorce financial stress?
Separating from a spouse typically results in increased costs. Whereas you may have had two wages contributing, now you have one. Economies of scale can make certain things more expensive once you live separately. These include anything from housing costs to running a car or cooking a meal. Even going on vacation becomes more expensive if you have to pay a single supplement for every room you take.
However, divorce can also be an opportunity to reduce your cost of living. As a couple, it can be easy to get caught up in a never-ending circle of home improvements to keep up with the neighbors or the in-laws. Now that you are about to be single again, you may choose to downsize and make drastic changes to your life.
Maybe you will rediscover simpler pleasures, such as staying at home with a good book rather than feeling compelled to spend money attending social functions with your spouse’s colleagues. Perhaps you no longer feel the need to go to the bar three times a week to escape your spouse.
Marriage requires you to compromise both financially and in the choices you make. Divorce is an opportunity to reset your priorities. From now on you can live life how you want. Achieving a fair split when dividing marital property is essential to begin your new life on a solid financial footing.