Financial Survival When Starting Over After Divorce
If you are like me, you pay your court-ordered settlements, child support, etc… There is no way around this. But does it mean you have to suffer financially? Not exactly.
Here are 5 tips to help you start over.
1. Talk to a CPA. Check with a CPA if your state allows tax deductions on all or any of your court-ordered payments. You may find that your state will allow part or all of your court order deductions to be tax-deductible. When speaking to your CPA, make sure to let them guide you on your new tax status and exemptions. Make sure your decree outlines which parent gets to deduct with dependants on their yearly taxes as well.
2. Avoid paying unnecessary fee’s. Automating court-ordered payments may come with steep fees. If you are paying court-ordered child support or spousal support, ask if the receiver of these payments will split any fee’s 50/50. If your wages are garnished, check with your employer if they can use the US Mail system instead of any fee-based automated services.
3. Consult a financial analyst. After the dust has settled to see where you stand on current income, expenses, and savings. -You may need to downsize and sell-off any assets you retained after the settlements. A good financial analyst will be able to help set up your financial goals for your next chapter of life.
4. Hustle! Side hustles are lifesavers! This one has really helped me in a pinch. There are many, many good side hustles you can work from your home in your spare time. Check my YouTube Channel for coming videos on Side Hustles.
5. Obey the court orders! Do not try to go against the courts’ orders. You may think you are getting back at your Ex, but the court systems do not play those games. Most likely, it is only hurting your children ( if you pay child support) in the end!
💙 2 U All | StrongerByTheSecond