You hear stories all the time about the detrimental financial impact of divorce. However, even though you may face some challenges as you adjust to financial independence again, your decision to divorce may actually give you a new lease on life.
Knowing some of the benefits of your newfound financial independence may provide you with the encouragement to plan for your future.
Some of the common reasons for disagreements in many marriages include topics like household chores, parenting roles and responsibilities, and financial decisions. In fact, according to U.S. News, disagreements over money ranked as the top cause of stress for over one-third of married couples.
Separating your finances from your partner’s may allow you more control over decisions regarding your money. You can create your own budget and dictate how you choose to use your money. You can adjust savings or investments without awaiting the acknowledgment or approval of another person. If your partner lacked financial security, you no longer have to worry about his or her decisions impacting your credit score.
Sharing financial resources may limit the funds you have available to pursue opportunities that interest you. Getting divorced may improve your spending flexibility and broaden your options.
Complex financial situations may take some time to resolve during your divorce. However, you do not have to wait to begin planning for your future. As you await a settlement, you can begin building your own financial reserve. You can set goals and determine what you need to do to achieve your aspirations. Your proactive approach may minimize the impact that divorce has on your financial stability.