Finances are frequently one of the leading causes of divorce and they can also be a source of stress both during and afterward. The division of assets, debts, property has the potential to greatly change the landscape of a spouse’s financial situation. Furthermore, the divorce process typically involves at least some level of economic burden.
However, there are a number of coping strategies that can be applied. Being prepared for financial change could significantly ease much of the pressure. Outlined below are three tips for financial independence both during and after divorce.
Take steps to rebuild your credit
Despite the fact that divorce can impact your credit score, taking practical steps can soon give a more positive outlook. Simply paying all of your financial obligations in a timely manner could make a significant difference. Additionally, there are various ways to check your credit score, so you will always be able to monitor your progress.
Don’t let yourself become overwhelmed
The divorce process can be stressful at the best of times. However, when facing financial hardship at the same time, you may start to feel overwhelmed. Often, issues can seem worse than they are in reality when you try and confront them all at once. One way to manage this is by prioritizing and tackling each challenge individually. Itemizing your financial obligations could offer a clearer picture and allow you to make rapid progress.
Making financial progress can often be more troublesome if you neglect to allow yourself indulgences from time to time. As you complete each step on your journey towards financial independence, it can be beneficial to reward yourself with affordable items that you thoroughly enjoy.
Gaining financial independence after divorce can be challenging. However, it is important to remember that it is possible. Additionally, you should know that you have legal protections as a spouse in Illinois.