No one enters into a marriage thinking their marriage will end, but sadly, more than one-third of all couples eventually face the reality of divorce. According to the US Census Bureau, Oklahoma has the fifth-highest divorce rate in the country.

Divorce is tough for anyone. For many people, especially those who were not the breadwinners in the relationship, there is a whole other set of financial stressors which is particularly unsettling. The good news is there are a few basic things you can do to move in the right direction 

This article provides some of the top strategies. Keep reading for advice on becoming financially independent and landing on your feet post-divorce.

Strategy #1: Evaluate Your Financial Situation

The first and perhaps most important thing you can do to become financially independent post-divorce is to fully assess your financial situation. Divorce is a time of change, including the way you plan, budget and pay financial obligations.

Understanding your finances is vital because so many spouses may have become accustomed to a certain way of operating financially. You may have new or different responsibilities related to property management, childcare and other personal financial responsibilities.

Now is not a time to resist change but embrace it. When faced with divorce, it’s important to take a hard look at your situation and do some serious financial planning before the divorce is finalized.

Strategy #2: Develop a Plan

Number two on the list may be the second most important phase of this process. You may need to Assess your financial goals and set new ones. Depending on your situation, this may include:

• Paying off debt
• Building an emergency fund
• Saving for a house downpayment
• Building credit
• Budgeting and cutting back

Consider debt consolidation services. Save for unexpected expenses, ensuring you have three to six months’ worth of living expenses in an emergency fund. 

If you do not own a home, start saving for a down payment. If your credit was inextricably linked to your spouse’s, take steps to rebuild it. 

Strategy #3: Consider Hiring a Financial Planner

Although paying money to a financial planner can be tough for someone who is already having some level of financial challenges, there are free or economical options. Also, there are several benefits to consider.  

One is that a financial planner can help you develop personalized goals tailored to your unique situation and vision for the future. Next, they can provide accountability and motivate you to meet those goals.

A financial planner can offer professional advice, helping you avoid risks and make the most purposeful financial decisions possible. Finally, they can save you time and alleviate stress related to financial decisions. 

Learn More About Post-Divorce Financial Independence

Rebuilding finances after a divorce can be difficult. Following the advice above about money management after divorce will help you get on your feet, so you can move on with your life. 

Doerner has provided the highest level of legal advice and representation to individuals and businesses in Oklahoma and throughout the country. Our knowledgeable team of attorneys possesses experience in a variety of legal areas, including family law and divorce. Contact us today to learn more post-divorce financial tips or to set up a free consultation.