GRAND RAPIDS, Mich. (WOTV) – Post-divorce, many women lose more than half of the household income they had when they were married. Further complicating things, women are often the primary caretakers for children and sometimes for aging parents, and they take time off from work to handle these responsibilities. The ability to protect yourself, and those who depend on you, is a cornerstone of financial health.
- Get legal and financial advice – If you don’t agree on things, you may want to consider professional help as you get your feet back under you.
- Prioritize– You may find it beneficial to create a list of your financial priorities, property priorities, and priorities for your children. It’s important to understand how much these things cost to negotiate enough money to pay for them.
- Negotiate for retirement assets – One of the most important factors in saving for retirement is time. The later you start, the less time you have to invest and benefit from compound interest.
- Budget – Both parties often lose financially in a divorce, but the best way to adjust to that is to create a budget and stick to it.
- Set financial goals – Making a list of financial goals will help you get moving in the right direction. If you’re starting over with little to nothing, one of your first financial goals should be to create an emergency fund. It will help you handle unexpected expenses without going into debt.