The King Law Firm, PLLC
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Financial health is imperative for women after a divorce

Your entire life changes when you go through a divorce. One of the areas that women may need to focus on during this time is their financial health. Women could be at a financial disadvantage in a divorce and its wake if they have grown accustomed to having their spouse's income or did not play a central part in household finances.

Overall, women earn less than men. Typically, women earn $.82 for every $1 men earn. This can make it harder for a woman to recover financially after the divorce. There are several points that you may want to think about if you are a woman trying to regain your financial health when your marriage ends.

Take a look at your budget

You will likely need to have a budget if you want to be able to survive financially. Even if you are part of a high asset divorce or have a higher income, you may need to take a look at how your situation might change now that you are reliant only on your own income. Divide your bills into necessities and luxuries so that you know where you can make cuts if you see that the financial picture isn't looking like it should.

Make sure that you have an emergency fund

You may need to have money that you can put your hands on quickly in an emergency. While it is good to have investments, you can't neglect the need to have cash if there is an emergency. Some women choose to rely heavily on credit, but situations like power outages and natural disasters might not be able to be addressed using credit cards. A goal you may want to aim for is to have six months of living expenses on hand. You can work toward this goal diligently.

Plan for your future

Your future is important. Make a plan for how you will ensure that your finances are taken care of when you retire. You might need to use a multifaceted approach. Meeting with a financial advisor may help you get the information you need to come up with a good plan.

While you are working to rebuild, remember that you are in control of everything now. You can get your finances and plans set up according to what you need and what goals you have set. Take the time to truly evaluate everything so that you are working on a overall plan that is setting you up for a successful single life.

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