Going through a divorce is difficult. Not only does it impact you emotionally, but it also impacts you financially now and in the future.

Unfortunately, some people will make decisions during a divorce based on emotion instead of financial impact.

For example, some hold onto a house without considering whether they can afford ongoing maintenance, taxes, and insurance.

Others may forgo retirement assets in order to keep their house.

If you do not have enough money to support your lifestyle after a divorce, you can reduce your spending or find ways to generate more income.

By doing both, you’ll put yourself in a stronger financial situation.

As you pursue increasing your income, here are three things to consider:

1- If you’re already working, find out when your manager will develop their upcoming budget.

You want to ask your manager for a salary increase before they submit their final budget.

Make sure you document your accomplishments and know your value in the industry.

2- If you need to find a higher-paying job, explore opportunities with your current employer first.

You’ve already developed your relationships and brand. It may be easier to stay with the company culture you know instead of learning a new company.

3- Find a second job. Yes, it cuts into your social life or downtime, but you must pay your bills.

With the upcoming holiday season, it may be easier to find part-time work. Think outside of retail, which can be grueling and inflexible.

Use your creativity and contacts. If you have friends who own a small business, ask if they need someone to fill in while their staff takes vacation time.

If you have friends with pets, ask if you can pet sit when they go on vacation.

Facing reality after your divorce can be an eye-opening experience. Don’t berate yourself if your decisions have not put you in a better financial situation.

Instead, focus on job opportunities to increase your income. Concurrently, be diligent about reducing your spending.

Remember to stay PEF (positive, enthusiastic, and focused), and make 2023 your best year ever!

(Update to original post from September 27, 2017)


Niv Persaud, CFP®, CDFA®, RICP®, is a Managing Director at Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include developing  comprehensive financial plans, divorce financial reviews, and retirement plans. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature and laughing often — even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me.’”