Post-divorce financial independence

On Behalf of | Jul 12, 2022 | Divorce |

Divorce represents more than a marriage’s end. The dissolution involves the start of a new life, one hopefully unencumbered by whatever problems plagued the marriage. Things might not be smooth for newly single persons leaving a New Hampshire family court. Financial concerns may worry a divorced person, although there are ways to seek financial independence after the divorce decree is issued.

Seeking a new financial path

A marriage may involve both spouses pooling their income to cover expenses. In some marriages, one spouse might pay for most household expenses and handle other financial responsibilities. After a divorce, it may be necessary for a former spouse with little financial involvement to become more proactive. After all, life now involves covering expenses on a single income.

Making budget cuts could be necessary, as a single income might not afford all the lifestyle expenses a two-income household overs. Perhaps moving into smaller living arrangements or driving a more economical car could help.

Exploring options for side gigs and otherwise boosting income may increase cash flow. Using the money to pay debts or support wise investment vehicles may add to financial independence.

Borrowing to cover expenses might undermine all steps towards financial stability. Debt drags down net worth, among other problems.

Planning for a better financial path

Spouses may find value in looking at their future financial situation when negotiating a divorce settlement. Rushing to end the marriage might have economic consequences if one party does not receive all they deserve.

Seeking a necessary amount of spousal support could lend enormous financial assistance. Even temporary spousal support might cover costs during the first months or years of now-single life.

Support modifications could be possible in some situations. Such changes may require special circumstances, but the court may still consider increasing alimony or child support amounts.