Q: How can I downsize after a divorce?
Your husband is a business owner, and as a result, he has become extremely successful. When you became married, you also became wealthy and became accustomed to a high-end lifestyle.
Now that your husband has announced his intentions to divorce, you are worried about the finances. Even if you are entitled to some of the money and receive spousal support, will it be enough to maintain the life you have lived for the last few years?
Downsizing During Divorce
Since your financial future is unclear, downsizing and saving money is a responsible option. Doing so can be difficult, but it is possible if you follow these tips:
- Move. Although you may live in a fabulous home, its maintenance may be too expensive. Between paying the mortgage and the rest of the bills associated with the home, you may spend more money than it’s worth. If you really want to stay, examine why. If you want to continue living at that address out of spite or emotional attachment, you may want to reconsider.
- Reduce your spending. Although this may sound like common sense, reducing one’s spending is typically the most difficult aspect of downsizing. Not enjoying vacations, shopping excursions, or other expensive activities may take some getting used to, but it can save you from becoming bankrupt.
- Become educated on finances. Your husband may have taken care of the finances when you were married, but now that you’re getting divorced, you’ll need to become in charge of your own budget. Taking a class on how to manage your assets can help you become more financially responsible.
Protect Yourself and Your Future
The attorneys of the Law Offices of Paul H. Nathan want to help you during this stressful and confusing time. We can offer advice and fight for your rights regarding your divorce. Contact us today to speak with an attorney about your situation and find out what we may be able to do to help you.