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Downsizing after a divorce

On Behalf of | Jan 20, 2021 | Blog, High Asset Divorce |

Life after divorce is a road paved with many challenges. Not only do you find yourself facing life as a single person after spending your recent history as part of a couple, but you also must figure out a new financial plan for your life. For Florida residents who have been through a high-asset divorce, there is a way to downsize afterward without feeling like you’ve lost everything.

Create a new budget

Budgeting is one of the most important life skills that any adult can have. After you go through a divorce, your financial position changes significantly. You should sit down with a financial advisor and create a budget that you will live by going forward.

Consider changing your living situation

Even if you receive the house in the final divorce decree, you should consider downsizing your home. The property that you once lived in with your ex, and possibly any children, is probably bigger than what you will need as a single person. Consider contacting a real estate agent who can give you a good idea about how much your house may be worth in the current real estate market.

Accept the change

This new chapter of your life is probably difficult to accept, but the sooner you do, the sooner you can get yourself into a healthy place going forward. Even if you could once afford spa days and lavish vacations, that may not be the case after your divorce. Accept the fact that your life has changed, and enjoy the pleasures that are now present.

In addition to other professionals such as financial advisors and real estate agents, you should also employ the services of an attorney when going through a high-asset divorce. A lawyer can provide advice, put you in touch with other professionals and help you negotiate a favorable settlement with your ex.


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