How can I cope with my post-divorce financial reality?
If you are like many people in California who are separated, in the process of a divorce or already divorced, you can be realizing that your financial situation is not as positive as it was when you were still married and living under one room with your spouse. The sheer need to support two households on the same income that previously supported only one can be a big contributor to this situation. Then, many people find that they have to part with assets in a divorce, pay child support or even make spousal support payments, all of which further reduce the amount of money a person has to live on every month.
According to CNBC, many people who experience divorce-related financial stress can feel embarrassed about their situation to the point where they do not discuss money or seek support that might be beneficial to them at this point.
A CNBC Invest in You and Acorns Savings Survey conducted in the spring of 2019 found that 27% of all respondents were hesitant to discuss their financial situation with friends or family members. Among divorced persons, that rate was 56%. Divorced people were also more likely to identify a lack of income to support their lifestyles and to prioritize tackling their debt over saving.
This information is not intended to provide legal advice but instead is meant to give people in California who get divorced and find themselves faced with a challenging financial situation some ideas of how they can get the support and help they need.