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For a spouse without a job or career, divorce can feel like an earthquake. It fundamentally alters the domestic partnership you built based on one partner earning income while the other manages the household and children. Taking control of your finances is the first and most critical step toward building a stable and independent life. Here are some positive actions you should take.

First, get a clear snapshot of your new economic reality. Gather every financial document you can find: bank statements, investment account details, retirement plan summaries, mortgage documents, credit card statements and records of other debts. You need a full inventory of all marital assets and liabilities to understand what you own and what you owe as you move into divorce proceedings.

Your next priority is creating a realistic budget based on your new, single-income situation. The budget is your roadmap to controlling your money and ensuring you can cover your essentials. Start by listing all expected income, including any spousal maintenance and child support you receive. Then, track your expenses, differentiating between fixed needs, like housing, utilities and groceries, and variable costs. 

The next step is evaluating your housing situation. While keeping the family home may feel like the most stable option for you and your children, it can also be the single largest financial drain. Assess whether can you truly afford the mortgage, property taxes, insurance and upkeep on your own. Letting go of the home and downsizing to a more affordable house or apartment may be the most important financial decision you make. It can free up critical cash flow and prevent years of financial strain.

Your next order of business is building your own financial independence and creditworthiness. if you have been out of the workforce, start planning your re-entry. You may need to refresh your skills through online courses or training. A part-time job can serve as an income stream, a resume builder and a bridge to a new career. Simultaneously, work on your credit rating. A poor or non-existent credit history can prevent you from renting an apartment or securing a car loan. Apply for a secured credit card in your own name, make small purchases and pay the bill in full every month.

As soon as possible, seek professional guidance. A financial advisor can help you understand your economic situation and develop a long-term plan for saving and investing. A qualified divorce attorney is essential for protecting your economic interests, including your share of marital property and any spousal maintenance (alimony) you are entitled to. 

At Shilts & Setlak, LLC in Fort Wayne, Indiana, our divorce attorneys will help you develop a strategy based on your particular circumstances and needs.