Kajko, Weisman & Colasanti, LLP

Divorce and taking control of finances

An individual who is planning to divorce is likely to experience a wide-range of feelings and emotions—some of which may, at times, be conflicting. While thoughts and feelings about certain divorce-related matters may change and evolve, concerns about one's financial status are likely to be constant.

There's no doubt that divorce can take a major toll on one's financial security and, if not prepared, an individual may end up making poor decisions that have significant financial implications. It's critical, therefore, to consult with an attorney who can answer questions, assess one's unique situation and negotiate a divorce settlement that ensures an individual is able to achieve his or her post-divorce goals.

For individuals who previously let an ex-spouse handle the finances, attempting to get a handle on and manage even basic money issues can seem overwhelming. The best way to gain control over one's financial future is to list achievable goals and formulate a plan to achieve those goals.

For example, individuals with credit card or other types of debt may prioritize paying down or off debts. For other recent divorcees building a savings, traveling the world or purchasing a vacation home near family members may be important. Whatever the case may be once financial goals are set; an individual can take steps towards achieving specific goals.

While it's important to have financial goals and work towards making positive changes in one's life, it's also wise to devise and stick with a monthly budget. At first, learning to live within one's new adjusted financial means can be difficult. Doing so, however, is not only necessarily, but also empowering.

Source: Time, "10 Steps to Financial Recovery After a Divorce," Joe O'Boyle, Oct. 14, 2015

No Comments

Leave a comment
Comment Information
Email Us For a Response

Tell Us About Your Case

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lexington Office
430 Bedford Street, Suite 390
Lexington, MA 02420

Phone: 978-296-5107
Fax: 781-861-1833
Lexington Law Office Map

Nashua Office
98 Spit Brook Road
Suite 1105
Nashua, NH 03062

Phone: 781-325-1786
Fax: 603-324-5101
Map & Directions

Andover Office
68 Main Street, Suite 4
Andover, MA 01810

Phone: 781-325-1786
Map & Directions