Oftentimes, when two people decide to marry, they have financial goals in mind that they envision accomplishing together. When those plans go awry due to a divorce, it may be a serious financial hardship for many. There are steps that Colorado families can take that may help shore up their monetary futures.
One of the first areas to look at both during and after a divorce, may be what living arrangement will be the best option. Though it may have sentimental value, the former family home may no longer be affordable due to a possible financial setback. It may also be beneficial to make other budgetary cuts where prudent. One helpful tool may be a diary that can reflect the progress one makes while rebuilding a solid financial position.
Other steps that may allow one to climb out of a financial hole include setting smaller short-term goals when seeking to save or reduce living costs. Paying off bills at a slow but steady rate may be more attainable than seeking to eliminate certain debt immediately. Finding unorthodox methods of paying for things such as tuition may also be a consideration — selling a personal item for example.
One more option may be to find ways to supplement income, either through current employment or other possible income streams. A divorce takes a toll on all aspects of one’s life. The realization that it can be a fresh start in many ways might allow one to approach the challenges in a more positive light. Colorado residents may also choose to seek the guidance of a family law professional who can provide the information and support that may be needed most during these life transitions.
Source: USA Today, “Divorce wiped me out financially. Here’s how I bounced back.“, Tamara Holmes, May 25, 2017