Turn Pain Into Power With Post-Breakup Financial Freedom

Post-breakup financial freedom is possible when you turn pain into power and gather yourself to make actionable changes. It isn't easy after a marriage or long partnership, but from gathering your legal documents to separating financial obligations, here are some suggestions.

Gather Your Assets and Take Them

Emotional loss can be an advantage if you have the ability to assess things logically and refrain from acting impulsively. This is hard after a breakup, but it will help you in the immediate and long term. Saving your tears for private time, there are financial opportunities following a breakup or divorce. For example, some men and women find selling jewelry after divorce can provide enough cash to get through the initial financial impact, so gather your belongings!

Don't Forget About Legal Documents

There are, of course, many legal documents that you need for life. When you break up with someone, you may need to go your own way, and these documents are usually required. These include passports, bank statements, and agreements. These are all the evidence you need for ID and arranging your new financial outlook. However, be careful not to take documents that don't belong to you. Also, be aware that it is illegal for a partner to withhold your passport.

Budget for Post-Breakup Financial Freedom

If a breakup or divorce is on the cards, it makes sense to plan for the financial impact. The average woman loses around 33% income, and men lose around 18% following a divorce. This is a huge amount for either and will require a complete lifestyle change. You may want to save your love when your marriage is falling apart, but it isn't always possible. So look out for yourself with something as simple as a budget to track expenses against your changed income situation.

Separate All Relevant Finances

There are usually many shared responsibilities in a healthy relationship. One partner might pay for household bills while another uses their income for savings and leisure. Whatever your situation, you must separate your finances from your ex, or it can get messy. You don't want to be paying for something that doesn't benefit you after a separation! This could include moving funds to another account, changing payment plan details, and transferring credit card debt.

Address Any Debt and Make a Plan

Further to debt, there is likely to be debt in a relationship too. Whether it is yours, their or both doesn't matter. What matters is that debt is addressed pretty quickly to avoid disputes and incurring charges. Even if you must take more than you want to, it could be the better option against defaulting and being charged more. Civility and cooler heads will prevail when making a plan to cover debt after a breakup. Legal advice is a good option if things are getting messy.

Summary

Gathering your personal assets can help you attain post-breakup financial freedom when going through a divorce or separation. Of course, coming up with a personal budget is necessary to counter the incoming changes, and address any currently owed debts such as credit cards.