How Can I Bounce Back From My Divorce?

Divorce can have a range of negative effects on a person. Financial instability is just one serious consequence that can haunt you for many years after your separation. In this case, it’s crucial that you take the proper steps to boost income and increase savings. Entrepreneur recommends the following tips for people struggling financially after they’re divorced.

Get a handle on your finances

Are you aware of your income-to-debt ratio? If not, now is a good time to figure it out. Take a thorough accounting of your complete financial situation. Once this has been established it will be easier for you to make the necessary changes. For instance, maybe you’re spending too much on eating out or entertainment. Making cuts to these areas will free up money for necessary expenses, such as groceries and paying bills.

Prioritize

Once you take inventory, prioritize your finances in a way that makes sense. For instance, if you’re saving up to buy a new vehicle create a savings account for that express purpose. If you’re having issues paying bills, look for ways to boost your income so you can stay afloat. This will provide you with a solid financial plan, which will help you navigate obstacles and spend less on things you don’t need.

Revisit financial accounts

If your ex-spouse is listed as a beneficiary on life insurance policies or retirement accounts, it’s time for an update. If not, you run the risk of proceeds from these accounts going to the wrong person. Even if you make your wishes known in a will, it might still not be enough to prevent your ex from getting these assets after you’re gone. Make updating your estate plan an important aspect of post-divorce financial recovery.

Categories

What Sets Us Apart?

  • Personalized Attention & Carefully Curated Legal Plans

    Our top priority is to secure successful results for our clients, and we dedicate the full time and attention that every case deserves so we can secure the results that our clients are looking for. We offer the combined insight and experience of a premier team of Minnesota attorneys, and have an impressive track record to back up our claims. We represent over 2,000 individuals and a large variety of businesses throughout northeastern Minnesota, resolving their most sensitive and difficult legal challenges through detailed representation and skilled trial advocacy.

  • Decades of Legal Excellence

    Trenti Law Firm is the largest firm in the region, and each of our firm’s attorneys is native to the Iron Range. With locations throughout Minnesota — in Virginia, Cloquet, Hibbing and Ely — we have a professional and personal interest and commitment to serving people across the region. As one of the region’s largest law firms, we combine the knowledge and service of seven attorneys, five legal assistants and four support staff members to get you the support you need during this difficult time.

  • Elite, Distinguished & Experienced Legal Representation

    Our firm has earned/maintains the AV Preeminent rating* from Martindale-Hubbell. The Av Rating is the highest possible rating given by Lexis-Nexis Martindale-Hubbell Peer Review for a lawyer and is established wholly on a peer-review basis. The AV Preeminent designation signifies that attorneys have been rated by Judges and fellow attorneys as having the highest possible rating for legal abilities and ethical standards.

You're Hurt. We're Here.

Schedule Your Consultation Today

  • Please enter your first name.
  • Please enter your last name.
  • Please enter your phone number.
    This isn't a valid phone number.
  • Please enter your email address.
    This isn't a valid email address.
  • Please make a selection.
  • Please enter a message.