After a divorce, there is no surprise that your finances may have to change. You no longer have two incomes to work with, and you have to support yourself on your own. Your home may be twice as expensive without the support of a spouse, and you still have to cover all your own bills.
There are two life events that can ruin your finances: a spouse's death and divorce. Unless you take steps to prepare for these, then you may find yourself grieving your loss while you're trying to find a way to get back on your feet financially once again. There are steps you can take to better prepare for events such as these though.
Oftentimes, conversations about property division during a divorce center around how couples will split up their home, car and other valuable assets. These conversations rarely center around how liabilities, such as credit-card debt, will be handled once the two of you go your separate ways. It's a discussion that the two of you will want to have, though, if you're planning to maintain your creditworthiness.
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.