Budgeting After a Divorce in Chapel Hill

Budgeting After a Divorce in Chapel Hill

It may surprise you that in Chapel Hill, North Carolina the divorce rate is higher than is recent years. In fact, it's risen over 40% in the last two years.  Divorce is very difficult both emotionally and financially. How can you prepare for budget adjustments in the Chapel Hill during this transition? Here is a helpful and informative blog by Becky Sarwate:

Anyone who has been through a divorce will tell you that it’s a complicated and difficult process on so many levels. In addition to the emotional toll of separating from a spouse, the transition to life as a newly-single person and the impact of divorce on children and extended family members, there are real, long-term financial considerations. There is a reason that divorce ranks number two on the famed Holmes and Rahe Stress Scale.


Budget adjustment after divorce can be one of the most grueling tasks of all, whether the divorcing spouses have children to provide for or not. Budget adjustment can be especially challenging for partners who may have taken a backseat when it came to managing the finances during the marriage. The now single person will have to quickly acquire new financial skills to gain control of assets and monthly expenses, make investments and plan for retirement.

Fortunately, there are some basic strategies that can put even the most overwhelmed on the path toward financial health. Budget adjustment after divorce is painful but not impossible.

The first, and perhaps most critical step is to establish a monthly budget that allows for the payment of bills as well as a little future planning. It can be a huge shift to learn to live on only one income and it’s essential for you to understand where your money is going as soon as possible. Once done, you will have a clearer picture of where changes could and should be made – whether paying down debt or channeling more resources into savings.

How does your retirement future look? If you can’t answer that question, now is the time to act. Budget adjustment after divorce should always include the evaluation of IRAs, 401ks and investment funds. If you don’t have any of these, it’s time to get serious. A financial planner can help.

Divorce filings involve many small, often arduous details, but some of the tiniest particulars are the most important of all. Stressed spouses often neglect to check their  life insurance and retirement accounts and change listed beneficiaries after divorce. For the protection of children and your individual estate, these modifications should not be overlooked.

While taking ownership of your financial prospects may not dull the pain of ending your marriage, it can create a tremendous sense of empowerment. Budget adjustment after divorce is a challenge you will thank yourself for facing. After a painful event, with the right help you can have much success financially in Chapel Hill!

 

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  1. by Masha
    6/19/2012
    In 20 years of selling real estate, I always find couples splitting to be a difficult time but one thatbsomehownreassures people that they can still work on ' the same side' for something... I hope it helps in other areas later.... Did you have more questions?@Pune Property
  2. by Pune Property
    3/14/2012
    Thank you very much for the info. Your efforts are appreciated.

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Masha Halpern - Boutique Real Estate
Keller Williams Realty
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Masha Halpern of Keller Williams Realty provides real estate services in the Chapel Hill, Carrboro and Durham, North Carolina area including real estate services for buyer, sellers and those relocating to the surrounding areas of Apex, Bahama,Cary, Efland, Hillsborough, Holly Springs, Mebane, Raleigh, and Wake Forest. Search for homes in Chapel Hill, Carrboro, Durham or the surrounding communities.  Request a market analysis for your North Carolina property.  I list and sell residential real estate, investment property, vacant land, lots for sale in Chapel Hill, Carrboro and Durham, North Carolina area.

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