Downsizing after a Divorce


Downsizing after a Divorce

downsizing after a divorce

A divorce brings about many life changes, not the least of which is the need to downsize or get rid of expenses.  For many men, a divorce means that an income that was once sufficient for needs and wants may barely be stretching to cover needs alone.  Downsizing after a divorce can be difficult, but it is much easier if you had a fair divorce settlement to begin with and minimized your financial exposure.  This is often possible if you have the advice and help of a qualified family law attorney such as those at the Men’s Legal Center.

The Economics of Divorce

While there are no iron-clad rules about divorce, general observations can be made.  One of these is that both parties, husband and wife, are often worse off financially after a divorce than before.  This makes sense when you consider that a couple is now having to maintain two separate households and spending more in transportation and other incidental costs if they are shuttling their children back and forth.  Further, a divorce can take its toll for either partner on long-held assets such as bank accounts, retirement plans and other sources of income.

Ultimately, men going through a divorce are wise to plan for the long-term.  While it may be painful to give up certain amounts of income or benefits in the short term, it is also important to plan for long-term economic stability when facing a divorce situation.

How Can I Downsize After A Divorce?

Downsizing may actually begin to occur as soon as you believe you may be facing a divorce.  You can use the following tips to assess your smaller expenses; the larger downsizing issues should be discussed with your attorney.

  • Track daily spending.  You are probably overspending money that could add up to significant savings.  Try writing down every penny you spend for a week or so, then look for areas in which you can save.
  • Take simple steps.  Cut out the morning latte by bringing coffee from home and forego the ballpark dogs and beer for a tailgate party.  You will be surprised how much you can save simply by cutting out simple expenses.
  • Rely on supportive friends.  Let your friends know that you are economizing and ask for their help in engaging in inexpensive activities.  Most guys are more than happy to save money and may appreciate your efforts to cut costs for everyone.

With some downsizing and good legal advice, you navigate better through divorce and financial issues.

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