Divorce is financially stressful in virtually all cases. Many American families rely on two incomes to make ends meet. When you divorce, your income is reduced to your income alone, which can mean big changes for your lifestyle. In addition to having your income reduced, your expenses also tend to increase.
It is not impossible to achieve financial security after your divorce, but it can be difficult without taking the proper steps. Here are five ways you can take care of your finances after your Illinois divorce:
1. Take Inventory of Your Finances
When you are married, your finances become intertwined. The first thing you should do after your divorce is to take an inventory of your assets, liabilities, income and expenses. This will help you know where you stand when you move on to step two....