Transitioning bank to the single-life after your divorce can be tough, especially on your finances. This is why many divorcees end up filing for bankruptcy after the split. Around 15% of individuals who file for bankruptcy are divorced.
As life moves on from the wedding day, budgeting often becomes routine during a marriage. You may have shared financial responsibilities, or left finances up to the more financially savvy person. Perhaps neither of you were ever good at managing your money. That may be the reason you find yourself here, facing divorce.
You and your spouse divorce, but you worry about your finances as it’s been years since you worked outside of the home. You took care of the children and collectively spent the money your spouse earned. Now that you and your spouse move toward separation, you wonder how you will sustain yourself.