Financial freedom isn’t often achieved overnight. In fact, it can take many years or decades of hard work to get to a comfortable place financially. For many, during and after a divorce is a cash-strapped time. Individuals in Wyoming may be feeling financially vulnerable, but the experts offer some common tips to improve the money situation.
During the course of a marriage, the two parties may have created joint bank and credit accounts. At the end of a marriage, it is time to separate the accounts and move on. If the couple has shared debt, they may wish to split the cost between them. Some recommend transferring spouse A’s debt to a new card in his or her name, spouse B’s debt to a new card in his or her name and canceling the joint account. This way, the financial tie between the two is broken.
Since many will exhaust some portion of their resources during the transition, it can be helpful to assess one’s expenses. Relying on just one income instead of two may pose challenges for a newly single person. Once the dust has settled, and the person understands what the new cost of living will be, he or she can focus on rebuilding an emergency fund.
A divorce is simply another life transition. During times of transition, individuals may be challenged, but the change also offers opportunity for growth. Financial strategies can be helpful, as well as optimizing the financial settlement portion of the divorce. For some individuals in Wyoming, an experienced family law attorney can provide useful guidance.
Source: quickenloans.com, “Being Financially Free After a Divorce“, Catherine Alford, Feb. 19, 2018