{"id":14187,"date":"2025-12-17T13:44:38","date_gmt":"2025-12-17T19:44:38","guid":{"rendered":"https:\/\/www.discover.com\/online-banking\/banking-topics\/?p=14187"},"modified":"2026-02-04T16:42:41","modified_gmt":"2026-02-04T22:42:41","slug":"managing-finances-after-a-divorce","status":"publish","type":"post","link":"https:\/\/www.discover.com\/online-banking\/banking-topics\/managing-finances-after-a-divorce\/","title":{"rendered":"Plan an exciting new future: 4 ways to manage your finances after divorce"},"content":{"rendered":"\n

Like so many single parents, Emma Johnson, 40, founder of a blog aimed at helping single moms build new, full lives, worried about rebuilding financially after divorce and what the financial future would look like for her and her children, who were 2 and not yet 1 at the time.<\/p>\n\n\n\n

\u201cI was terrified that my kids and I would be living out of our car,\u201d she says, \u201cor that I would have to sell my home and move far from our community.\u201d<\/p>\n\n\n\n

\"Man<\/figure>\n\n\n\n

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Rather than continue to see the prospect of managing finances after divorce as frightening, Johnson decided to use the life-changing 2010 event as an opportunity to re-evaluate her plans and create an exciting new future. She resumed working as a journalist and started her blog.<\/p>\n\n\n\n

This ultimately led to brand partnerships, speaking engagements, and a book deal with a major publishing house, not to mention new financial goals<\/a>, including saving enough to retire by the time her children go to college. <\/p>\n\n\n\n

\u201cIt is very scary to start out on life a new and without a partner,\u201d she says. \u201cHarness this fear to forge a new, exciting path that is free from an unhappy marriage. Your Plan B or C or Q can be far, far more fulfilling than you imagined.\u201d <\/p>\n\n\n\n

From separating joint bank accounts after divorce to revamping your financial plans, here are four things you can do to get your post-divorce finances in order and chart a new course:<\/p>\n\n\n\n

1. Update your budget<\/h2>\n\n\n\n

Getting divorced can come with financial costs and changes. From attorney\u2019s fees to the tax consequences of selling assets, you may face some short-term financial expenses that could put a strain on your budget. For many people, managing finances after divorce means spending less money because you\u2019ll only have your own income to draw on, and you might have to pay child support.<\/p>\n\n\n\n

Jackie Pilossoph, 51, founder of a blog for people going through a divorce, got divorced in 2008 and found that getting a detailed understanding of what she was spending and what she was bringing in was critical. It helped her find places in her budget where she could cut back.<\/p>\n\n\n\n

\u201cI called all my utility companies and had the bills lowered, either through cutting plans or getting a better deal. I put a cap on Starbucks and allotted myself a weekly amount,\u201d she says. \u201cI also stopped buying bottled water, refinanced my home, stopped getting my nails done, and basically didn\u2019t buy myself a stitch of clothing for about two years.\u201d<\/p>\n\n\n\n

\"Woman<\/figure>\n\n\n\n

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Other simple ways to save money<\/a> and manage finances after divorce might include finding opportunities to save on attorney\u2019s fees or making budgetary changes like downsizing your home, eating at home more often, or even scaling back your children\u2019s extracurricular activities.<\/p>\n\n\n\n

While these changes can be difficult to make, Johnson believes that you need to be open to a new lifestyle after a divorce in order to create a future on firm financial footing.<\/p>\n\n\n\n

\u201cLet go of trying to maintain the lifestyle you had while married,\u201d she says. \u201cYou don\u2019t need the stress associated with being over-leveraged on a home, living in debt, penny pinching, or living paycheck to paycheck.\u201d<\/p>\n\n\n<\/div>\n\n\n

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“The good thing about divorce is that you are solely responsible for your financial future from this point forward. When you start seeing financial success from your own plan and your own job, there is no better feeling.”<\/p>\n