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5 tips to deal with divorce in a downturn

Supporting 2 households
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Supporting 2 households

Getting divorced often means supporting two households with the same amount of income that previously supported one. In a tight economy, that can be especially difficult, Block says.

"Both parties may be out of work," she says. "This affects support for the children -- not only the amount, but also whether it is even given. If during your marriage there were bankruptcy issues, and you were named in the bankruptcy, then life after divorce is tougher due to credit ratings."

To move forward financially after divorce, both spouses may need to adjust their expectations. "Come to the realization that you may have to downsize and change your lifestyle, maybe move back in with your parents or a sibling," Toto says. "Everyone really needs to realize their economic picture will be significantly different than when they were married. Budget closely and set reasonable expectations for yourself."

Mindel recommends meeting with a financial planner who will, for a flat fee, review your expenses, help minimize them and create a realistic budget for living post-divorce.


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