Regaining one’s financial footing after a divorce

On Behalf of | Nov 21, 2022 | Divorce

The end of a marriage represents significant financial changes in virtually every area of one’s life. From where a spouse is living to long-term savings, a divorce will affect everything. In some situations, this process can seem financially devastating, and while it can be, it is also possible to take steps that will allow one to regain his or her financial footing. The first step in moving forward after a divorce is to secure fair and sustainable terms in a property division settlement. 

Rebuilding financial security 

It is not always a straightforward and simple process to rebuild finances after a divorce. While each situation is different, some of the following tips may be useful for a Virginia spouse: 

  • Don’t be afraid to take new employment or seek a different job to earn more and start rebuilding savings. 
  • Consider downsizing a personal residence to save money and get a fresh start. 
  • Take steps to rebuild one’s credit score and create a plan to pay down debt. 

A divorce can have a negative financial impact on one’s life, but it is possible to pick up the pieces and move forward after this event. 

Seeking fair and reasonable terms 

The first step to post-divorce financial security for a Virginia spouse starts with a fair and reasonable property division order. It is critical to seek terms that allow one to have stability well into the future. It may be helpful to seek the input of an experienced attorney when negotiating terms or seeking a specific outcome to a financial settlement.