Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

Can you overcome the financial setbacks of divorce?

On Behalf of | Jun 17, 2023 | Divorce |

Divorce can take a blow to your finances and cause uncertainty about the future. You might see a decrease in how much money you bring home and an increase in obligations.

While it is not uncommon to hear stories about divorce causing financial distress, you could achieve a different outcome. Knowing how to overcome financial setbacks will enable you to effectively rebuild your wealth.

Confront the problem

Financial problems may appear daunting and make you want to turn your back and run. However, U.S. News suggests that one of the best ways to manage money stress is to run toward the problem and not away from it. Identify the root cause of your distress and then figure out what you need to do to reverse the motion.

Identify solutions

The solutions you come up with will vary depending on the details of your situation. However, some examples of solutions you might implement include the following:

  • Recenter your budget
  • Eat out less
  • Cancel fringe subscriptions
  • Reevaluate spending habits
  • Gradually increase savings contributions

Small, consistent changes can make a tremendous difference in your well-being in the long term.

Update your goals

Thinking that you can continue to live off the same budget based on the standard of living you enjoyed during your marriage is not a realistic thought. At the earliest sign of divorce, update your financial goals. Recognize that changes to your marital status might impact how quickly you reach your goals and the strategies you use to achieve them.

Your diligence in taking control of your finances can go a long way in helping you overcome the financial loss of divorce.

Ordway Law Group, LLC – A Reputation For Excellence In Resolving Complex Divorces


RSS Feed

FindLaw Network