How might divorce affect your finances?

How might divorce affect your finances?

On Behalf of | Sep 9, 2022 | Divorce

Divorcing your husband can be a challenging time for you. You have to consider many points, which are even more plentiful if you have children. It may behoove you to prepare for certain financial aspects of the split. 

One of the biggest challenges for women is that they still make a fraction of what men earn. In the United States, women’s median income is only 81% of men’s

Consider your normal expenses

Your housing costs will probably be your most significant expense after the divorce. Be realistic about what you can afford to pay. Remember that you need to include utilities and insurance in the housing costs. If you’re going to own the home you live in, you also need to think about the upkeep and repair costs. 

You also need to factor in other everyday living expenses, such as medical care, food and transportation in your budget. It’s usually best to overestimate these budget items until you have a more accurate representation of how much you’ll spend. 

Think about your credit score

Having a higher credit score may make things a bit easier for you, but you have to ensure that you don’t become overextended. Remember, you’re only going to rely on your income to support yourself and your children. If you haven’t yet divorced, you may consider using the time left in the marriage to work on boosting your credit score. 

Make sure that you consider each aspect of the property division process. This can have a profound impact on your financial stability in the future. Work with someone who knows your situation so they can help you work toward your goals.