We all have that inner-5-year-old. But divorcees are particularly susceptible to this mistake because of the justifications they can use to convince themselves that a bad financial move is actually warranted. Don't make this mistake of giving in to your Melodramatic Alter Ego because it will only slow your journey towards a financial recovery following your divorce.
Divorce will naturally evoke emotions that you will need to address. If your method of coping with those emotions is engaging in Retail Therapy -- buying things to temporarily feel better -- you are guaranteed to face adversity as you travel the path towards financial recovery post-divorce. Don't make the mistake of using Retail Therapy in lieu of actually addressing the underlying emotions, since your emotional recovery is intertwined with your financial recovery.
Do you insist on keeping your marital house after your divorce?
Think again.
This video examines all of the reasons why keeping the marital residence post-divorce can stall your financial recovery for decades.
One of the most common mistakes made by divorcees is failing to adjust their lifestyle post-divorce. Every expense, big and small, must be examined in light of the reduction of your household income. Everyday luxuries that were mainstays in your life may not be affordable post-divorce. If you want to start winning with money, it's time to get on a budget and live a lifestyle that conforms to your post-divorce income.
Divorce is Chaos because it impacts almost every aspect of your life. Many people tend to underestimate the impact that chaos has on their lives, so your friends and family members may not understand what you are facing. This video covers the basic steps to weather the storm and persevere through the chaos.
There are good ways and bad ways to use your spousal support (aka alimony) in the event you receive spousal support following your divorce/dissolution. Don't make the mistake of squandering this opportunity. Make the best use of your spousal support to accelerate your journey towards a financial recovery following your divorce.
Every divorce has a Court Order that officially allocates assets and debts. If your Ex is required to refinance a debt in your name (such as the mortgage, a car loan, or credit card debt), you must diligently monitor his or her compliance with the divorce decree. Your Ex's failure to comply with the Court Order only sets you up for a disaster because their non-payment of your debt can have long-lasting financial consequences that will stall your post-divorce financial recovery.
A Path to Financial Recovery After Divorce
Copyright © 2022 Michael j. jurek, esq. - All Rights Reserved.