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How to Handle Finances After the Love Has Gone

Oct 10, 2019Lifestyle

How to Handle Finances After the Love Has Gone

Of course, the number one negative aspect of breaking up with your partner will be the heartache that always comes as part of the package. But there are other downsides, too. If you’ve been together for a substantial matter of time, then there will be some practical matters that need to be handed, your financial situation being one of them. You might find that you need to take steps to preserve your financial integrity, or that you need to build up your cash from scratch. Below, we take a look at some useful tips for staying in financial control after a breakup if it results in a reduced income.

1.  Reassess Lifestyle

If you suddenly find yourself financially alone, rather than co-dependent, then the first thing you’ll need to do is to reassess your lifestyle. You may have become accustomed to a certain level of lifestyle when you were together, but there will be no guarantees that you’ll be able to carry on with that lifestyle once the love is over. You might need to move home, for example, which would eat into a lot of your finances. It could be that you’re able to carry on living as before, but you’ll only know once you have a solid understanding of your incomings and outgoings.

2.  Fight For What’s Yours

If you’re married, then it’s important that you fight for what is yours. There are legal parameters in place to ensure that one partner isn’t left high and dry, especially if they were looking after children at home while the other person was working. But this is rarely a straightforward process, and in order to ensure that you get the correct amount, you’ll need to work with a company that can plead your case in court with legal responses. You don’t need to handle it yourself when there are professionals available.

3.  Carry On Working

Divorce can be pretty traumatic. It’s like our world is turned upside down, and there’s a lot of stress that goes along with that, which is understandable. It’s important that you stay focused on your job, however. Some people get distracted by their personal issues and are thus unable to perform as well professionally. It might be painful and not your first choice, but carrying on building your career will be one of the best financial decisions that you can make.

4.  Build Your Credit

It’s likely that all your finances were joint. As such, you might not have much presence in the financial system as an individual. Because of this, you’ll want to look at building your credit as soon as possible. This will make it much easier to get loans, buy property, get credit cards, and so on. You’ll also want to close any joint accounts that you shared with your partner — if they make reckless financial decisions after the end of your relationship, then they could follow you around unless your name isn’t attached.

It won’t be the first thing on your mind, but it’s important to manage the financial aspect of a breakup!

Any advice on how to handle finances after the love has gone?  Comment below!


[a contributed post]



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