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How to get financial independence after a divorce in Virginia

On Behalf of | Aug 5, 2022 | Family Law

There are a lot of tough transitions that happen during a Virginia divorce. One of the hardest adjustments comes to one’s finances – it can be hard to go from a duel to single income household.

A big mistake is not thinking about what your finances will look like after the divorce. It can be overwhelming, but thankfully there are a few standard steps you can take.

Work through your budget

One of the first steps in planning for your financial future is looking at your current budget. It’s important to know all of your income streams as well as a general idea of what your income will look like as a single person.

People are rarely able to live the exact same lifestyle after divorce as they had before. While painful, you’ll want to think about what expenses you can cut.

Don’t count your chickens before they hatch

Every divorce is different. It’s not uncommon for alimony or child support payments to be awarded based on the length of your marriage, the reason for divorce, and current career prospects.

However, it’s dangerous to assume that you’ll get these payments. Alimony and child support are based on what would be equitable and fair to all parties involved, so there’s no way to guess what you might be awarded.

Go easy on yourself

You don’t have to figure out everything all at once. It’s important to take time to not only go through your finances and answer these questions but to take time to process all of the other changes in your life.

It might be hard to plan for your future during a divorce, but it’s vital to start thinking about the life you want and what your new finances will look like. Planning for this crucial step can make a turbulent process that much easier.