Our firm handles criminal defense, family law, personal injury and more for Arkansas clients.

Securing your financial future after a divorce

On Behalf of | Jul 31, 2022 | Divorce

You will likely experience a variety of challenges establishing a new life after an Arkansas judge signs your divorce decree. However, there are several steps that you can take to help achieve some level of financial security while living life as a single person.

Your lifestyle will likely change

Technically, a divorce settlement is supposed to provide you with the resources needed to maintain a lifestyle similar to the one enjoyed while married. However, the truth is that alimony, child support and other payments may not make up for the fact that you have to pay rent, health care costs and other expenses on your own. This may be especially true if your spouse fails to make full or timely payments. Ultimately, you may need to cancel your upcoming vacation or start eating at home instead of going out every night to save money.

Establish credit in your own name

If you don’t have credit in your own name, obtaining a credit card should be something to consider as soon as the divorce is official. Having your own credit history can make it easier to get a car loan, a mortgage or other types of financing, and it can also make it easier to get financing at affordable interest rates. Obtaining a personal loan may be another way to establish a credit history if you don’t want to get a credit card.

The end of a marriage is one of the hardest things to experience in life. However, with adequate planning, it may be possible to make things easier for yourself and your kids from a financial perspective. This may help to ensure that you have access to food, shelter and other essential items that you’ll need to rebuild the rest of your life.