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Coping with divorce can spell doom for your wallet

On Behalf of | Dec 12, 2017 | Divorce

For many people going through divorce, this is one of the most traumatic and stressful experiences of their life. As such, dealing with these emotions might be the hardest part of the divorce process. While you should find a source of happiness to relieve the pressure, some coping mechanisms can leave you with an unnecessary financial burden.

In the face of emotional suffering, you may want to spend the day at the mall and the night at the bar. Going out with friends or exploring your independence can be a great way to adjust to your new lifestyle. Spending money with little restraint, however, could fuel credit card debt.

To avoid the fallout of retail therapy, write down a budget that prioritizes bills so that you can see how much money is left for shopping and entertainment. Paying for these purchases in cash instead of credit can help you stick to your budget. You can also ask yourself which purchases might give you buyer’s remorse and double-check return policies.

Some people cope by ignoring financial responsibilities. When emotions are intense, you might not have much energy to think about credit, loans, mortgages or how to divide assets. Those who disregard these changes during a divorce can become stuck with their spouse’s financial penalties. Instead, be proactive about separating your credit and learn how to manage your money after divorce.

In some cases, your spouse could pressure you to continue to support them despite your initial agreements. Guilt and lingering affection may make it difficult to say no. This is a reason to have your divorce attorney intervene. Your lawyer will help to uphold the binding agreements that shape your financial responsibilities so that you can start building your new life in a healthy way.

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Attorney Harvey S Lutins