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It goes without saying that divorce can have a devastating impact on family finances.  Running two separate households is always more expensive than running one, especially when there are children involved.  As a Colorado Springs divorce attorney, I have dealt with many couples who have taken steps to improve the “post-divorce financial picture”.   Not all of this advice will work for everyone, but here are the highlights of what I’ve learned.

Women are far more vulnerable than men to the financial devastation of a divorce.  In fact, 27% of women will experience a significant decrease in their living standard, while only 10% of men will.  Part of the reason for this is that many women decide to stay home and raise children while relying on their husband’s income for security.  When this security disappears, it can take a while to establish financial solvency while establishing a career.

Create a budget and stick to it.  This may sound like simple advice, but it is very important. Start by tracking all income and expenses for a month, and eliminating unnecessary expenses.  Be sure to structure your budget to include saving for future needs.

Live below your means.  Going from a two income household to a single income is difficult enough, but learning to live on less money than you actually have can seem impossible.  It may require a complete change in lifestyle and a realignment of priorities, but it is the only way to free yourself from the financial struggles of post-divorce living. 

Eliminate debt and build savings.  Make every effort to pay of existing debt and do not acquire additional debt.  The best way to avoid going into future debt is by having a well-padded savings account.  Plan on contributing a percentage of your income to a savings account every month.

Learning how to deal with your finances after a divorce will determine your success or failure in the long-term. It may be tough, but achieving financial independence will be worth the sacrifices you make along the way.  Remember, if your circumstances change and you need to modify an existing order for child support or spousal maintenance, a Colorado Springs divorce attorney can help. 

Patricia Marrison is a Family Law attorney in Colorado Springs, CO. and the owner of the Marrison Family Law LLC, Colorado Springs largest Family Law practice.  The Marrison Family Law LLC is devoted to assisting with the difficulties of the breakup of relationships, be it common law marriage, a non-marriage with children, or dissolution with or without children. We attempt to serve the entire spectrum of relationships, from those couples with the simplest, uncontested dissolution to the highly conflicted relationship involving allegations of domestic abuse.