For many, if not most divorcing couples, splitting up isn’t the hardest
part of divorce, it’s dealing with the financial impact. While not
all couples are affected the same, the majority of couples do experience
significant changes in their financial status during and after the
divorce process. Here are some examples of how divorce affects spouses:
- A stay-at-home parent has to return to the workforce.
- A stay-at-home parent has to return to work and in effect, start paying
for full-time childcare so he or she can earn a living.
A breadwinner has to pay
child and spousal support.
- A spouse has to give half of their retirement to their soon-to-be-ex.
- A long-time homemaker has to go back to school to obtain skills resulting
in student loan debt.
- A breadwinner has to support two households when he or she divorces a disabled
spouse, or a spouse who is caring for the couple’s disabled child.
Do any of the above scenarios sound like your situation? Whether you’re
to pay child or spousal support, or if you’re to receive either
one, there is a strong possibility that you will have more financial pressure
than you did before the divorce. We are not saying this to scare you;
we just want you to be emotionally prepared for what lies ahead.
If you’re like most people, you are headed towards more financial
responsibility than you had before, but that’s okay. You can learn
how to deal with the issue head-on and actually use this “new normal”
to your advantage. In order to do this, you’ll need to focus on
one thing – increasing your income.
How Can I Increase My Income?
When you get a divorce, it stretches you to the limit. It tests you in
every way imaginable. But you can use this test as an incentive to improve
your circumstances and increase your income. Here are some tips on how
to make that happen sooner than later:
- Go back to school and get a bachelor’s degree.
- Go to a trade school and learn a new school.
- Ask for a promotion at your job, or work harder to earn one.
- Start a “side gig” to earn extra money.
- Use the evenings and weekends to freelance. For example, if you’re
a web designer by day, take extra design work as a freelancer. This can
apply to bookkeeping, plumbing, landscaping, construction, writing, childcare,
and so much more.
- Look for a higher-paying, more fulfilling job.
- Continue sharpening your skills so you become more valuable in your profession.
Read industry trade books, take courses and attend workshops and conferences.
What can you do here and now to build a better future for you and your
children (where applicable)? Surely, there are one or more things you
can do to increase your income so you can an even better life after the
divorce. It’s just a matter of starting.
Need a Pennsylvania divorce lawyer?
Call our firm now to learn about obtaining a no-fault
divorce for only $219.