Cunningham, Chernicoff & Warshawsky, P.C.

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As of May 29, 2020, Dauphin County, where our office is located, has moved from Red to Yellow status. Our office will re-open on June 1, 2020. Until further notice, Stay Safe Guidelines will be followed, including safe social distancing (6 feet), cleaning after each client and the wearing of masks by employees and clients at all times while in our office. People who are ill and those without masks will not be permitted entry into our office.

Financially adjusting to the divorcee life

There is an adjustment period after divorce that not many people talk about. Though it may look different for everyone, people need to address a few key aspects.

One of the most important aspects to consider after a divorce is finances. Adjusting to one income rather than two can be difficult for some; however, parties can do a few things to make it easier.

Planning

Planning is crucial in creating and executing a new financial outlook. Even before you know the final determination of your portion of the marital property you will receive, you can begin to budget utilizing an estimate, along with any personal property or assets you may have. However, it is important to re-evaluate once you have solid figures. Depending on how drastically the divorce impacts your financial standing, it may be helpful to budget well below your means. You may also need to open a new checking account and meet with a financial advisor to solidify your financial security.

Seeking new opportunities

For those receiving spousal maintenance, it can be beneficial to seek further education and training. That way, you will position yourself to seek a promotion or better employment and grow your economic standing even after the payments stop, as they will, in most cases. 

Saving

If you do not have a savings account in place already, start one as soon as possible, and begin to put away money as you can. Even saving five dollars a week can help build your savings. You may also want to create a separate emergency fund to cover unexpected expenses, so that you do not have to deplete your savings.

Applying these tips can help to get you on the right foot after your divorce. Take some time to consider how these aspects may aid you, as well as any additional personal steps relevant to your particular situation.