When Andrew and Janet divorced last year, they knew it would take time to learn how to support their own needs on only one income. Unfortunately for Andrew, it was more difficult than he thought.
When Andrew and Janet were married Andrew provided a good income. However, shortly thereafter, Janet became the breadwinner. It was her income that mainly supported the family.
Once on his own, Andrew had to re-establish the financial aspects of his own life, including:
• Personal expenses
• Car and home insurance
• His own rent / mortgage
• Cable bills
Andrew began to realize how unappreciative he was of Janet’s income during their marriage. Being divorced, he realized it was going to cost him a lot more money than he anticipated.
Andrew began to work more shifts at work in order to keep up with his monthly bills. Other unexpected expenses occurred due to his new living situation. By working more, Andrew had less time to spend with his children. For the first time, he became overwhelmed with trying to balance his finances and his personal life. He was unsure of what to do next. This is an example of Financially Divorced
Getting Back on Track
Andrew consulted with his lawyer. The lawyer recommended he seek help from a financial planner. A planner could assist in creating a budget based on Andrew’s new financial circumstances. After seeking financial advice, Andrew had to make adjustments to his lifestyle so he could live within his financial means and still make time to see his children.
Andrew now realized how expensive his new life was after his divorce. Because he sought help, he now has a financial plan for his future. Life changes can bring financial complications. There are quite a few resources for people who need help with their money management.
When Parents Do Well, Children Do Well