If you were a stay-at-home mom while married, it can be daunting to rebuild your finances after divorce. Figuring out how to do it all on your own can seem impossible at times, but do not lose hope. While divorce can be hard on your finances, it is possible to build yourself back up. One of the best ways to bounce back is by rebuilding your credit.
The divorce rate is dropping across the United States. Time Magazine even reported that in 2016, the national divorce rate hit a 40-year low.
Women and men deal with stress and anxiety in different ways, and divorces are full of those negative emotions. While you are both dealing with the dissolution of your marriage, the stresses of divorce may affect men differently than they do women, particularly those women who have been at home raising children and are suddenly faced with the reality of joining the workforce with no recent experience. You may have to find your own housing and start a career at a later point in your life. Statistically, men remarry before women, so even the emotional effects can be harder on women. Physical illness is also common for women going through divorce.
Divorce was never the plan, but when it's on the horizon it's important that you start making a plan for yourself. Your future and your assets depend on how you approach the divorce and how and when you acquired your assets.
Divorce may be brutal, and with the divorce rate hovering between 40-50 percent, it is clearly a problem that is not going away any time soon. While you may have married with the idea that you would raise a family and be together forever, this may not be your reality. If it is not, and you choose to end your marriage, it is vital that you protect yourself in every way before, during and after the proceedings. This is particularly important when it comes to your financial assets.
Going through a divorce is usually challenging for everyone involved. Whether you have lingering feelings for your spouse, are worried about your children or feel overwhelmed by financial changes, divorce takes an emotional toll.