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Practical considerations at the end of your marriage

One of the most difficult things to adjust to when you divorce is having to live solely on your own income when you were accustomed to having another income in the home. When you are going through this major life change, you have to think about a few things.

In the beginning, your primary financial goal is likely going to be simply making ends meet. As time progresses, it will probably shift to making sure that you have savings and can retire comfortably. There are a few ways that you can boost your financial stability during this time.

Budgeting and controlling expenses

Setting a budget lets you know where you stand. You should be realistic about what you have coming in and going out so you can plan for everything. It might help if you track your expenses for a month so you have an idea of what's truly being spent on everything from housing to your morning coffees.

Once you know what you spend, you can determine where you need to make changes. You will also have an idea of what you can afford when you're going through the property division process. Some assets come with expenses that might not be possible to cover on your new budget.

Reviewing job prospects

It isn't a good idea to make major career changes when you're going through the end of a marriage. However, it is a good idea to review your job prospects to find out if there is a position that will help you to better meet your financial needs. If you have children, you may need to find a position that enables you to spend more time with them when they are with you.

This might be a good time for you to look at improving your education or learning new skills. These will sometimes make you more marketable in your field and open up new positions that could be beneficial to your new lifestyle.

Handle the basics

A divorce is a good time to review your health and life insurance policies. You also need to create a new estate plan since you likely don't want your ex to get your assets if you pass away.

Taking care of the divorce itself is another challenge that can be emotionally taxing. Be sure to learn about your options so you are prepared to make decisions as the need arises.

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