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Financial tips for mothers going through a divorce

On Behalf of | Jun 8, 2017 | Blog, Firm News |

When you have devoted years of your life to rearing your children, you don’t have much experience in the workforce. You probably count on your husband to pay the bills and take care of your financial needs. This is perfectly understandable.

If you find out that divorce is imminent, you have to think about how you are going to make ends meet once you can’t count on your husband’s income. The answer to this isn’t always easy. There are several things that you can do to try to ensure you can take care of your needs during and after the divorce.

Know where the marital finances stand

While the marital accounts might not have a big impact on your finances now, this is information that can be useful during the property division aspect of the divorce. It can also be helpful if you are thinking about trying to get alimony as part of the divorce settlement.

Make plans for paying bills

You will likely need to try to get a job. You might be able to find work-from-home opportunities, but make sure that you are watchful so you don’t end up being scammed. A brick-and-mortar job is also possible. You might have to enter the workforce in an entry-level position, but you might be able to use some of your skills to move up the ladder quickly. No matter what you choose to do, be realistic about what you can afford to do. Credit cards might be another option to help you here, but think about how the divorce might impact your credit score, and be sure that you are going to be able to pay the credit card bills.

Seek alimony

If you have been out of the workforce for years, you might need to seek alimony. This could give you the financial support that you need to pay your bills while you go to school or gain experience that you can use to get a job that can support you. Alimony payments can occur on a regular basis, but some are paid in a lump sum payment. In either case, make sure that you think about the tax implications and create a budget to help you use the money wisely.

Use child support

Your children’s needs must be met. Child support likely won’t pay for everything they need, but these payments might help you to get through the tough times. Remember that child support payments are meant to pay for the children’s needs, so they can be used for bills like utility payments and rent.