Divorce, for anyone, can be a difficult process that takes a lot of time, patience, and mental stability. While you may have found your own means of coping with the separation emotionally, you’ve likely noticed that there’s no easy way to navigate finances during this difficult time. After possibly selling the family’s home and divvying up assets and accounts, you’ve finally decided to move, make a financial investment and face this brand new journey on your own. However, the process of moving, in combination with beginning life as a newly single man, can be a lot to take all at once. So, to help ease the uncertainty that is to come, here are some tips to keep in mind as you begin your big move.
Don’t Rush
Taking on divorce will have an emotional strain on you whether you realize it or not. For that reason, you shouldn’t jump to make any significant decisions when you’re in a precarious mental state.
Before deciding on a big move or career change, you may want to see a therapist or talk with loved ones first. Ask for their opinions on how well you are processing the separation and if this move seems to be beneficial for you. At the very least, you should make the point of doing your own self-reflection and weigh the pros and cons of your move. This can especially save you a lot of time and money when making a big move to a new city or investing in a home. Going through a divorce takes enough out of you, and you can potentially worsen your situation by jumping into a decision that you weren’t mentally or financially prepared for.
Research and Plan
Once you are certain with yourself that this is the move you want to make, be sure to do thorough research on the location you are moving to. Look up the number of activities within the city, take a walk through your prospective neighborhood, and examine the housing prices to determine if you’d be able to financially compete within your budget. Especially when purchasing a home, these are all important factors to evaluate in order to avoid any bad investments down the line.
If everything seems to be a good fit, start planning for the future and decide if your new house and city will fit within those plans. Do you plan to date again, get married again or maybe have more kids? These are all things that should be factored into the layout, size, and price of your house.
Be Flexible
While planning is more than necessary, it’s important to remember to be flexible. You may not be able to take on the lifestyle you imagine in year one of your move. Instead, set alternative goals that will allow you more time to make complete decisions regarding your move, unless you have dedicated ample time to explore the property’s neighborhood and the city’s ambiance. You shouldn’t jump to such a large commitment like a home if you don’t have to. If you are moving to an entirely new city on your own, maybe start by living in an apartment for a year or so to become familiar with the area. Not only will this give you more time to save up for such a large financial investment, but you will have more than enough time to explore your housing options.
Budget and Save
Arguably one of the most important steps when moving after a divorce is to be as financially prepared as possible for whatever may come. As a divorcee, you are much more susceptible to a lower income, net worth, and household GDP than when you were married. For that reason, you have to be mindful of every dollar that is coming in and out of your pocket. If you are a divorced man with children, you may run into a few financial hiccups when it comes to paying child support, making it even more necessary to save and budget your income.
When budgeting, you’ll want to start by writing down all streams of income as well as the fixed and variable expenses for each month. Compile these two numbers and compare them to determine if you are ending the month with a positive or negative balance. If negative, you will have to cut back on some expenses or consider looking for a higher paying job.
Once you have determined how much money you will have leftover after all expenses are taken out of your income, you’ll want to dedicate a portion of that to an emergency fund or savings. Whether it’s from the divorce itself, or any surprises of being a newly single man, savings should be prioritized. Some budgeting plans like the 50-20-30 rule will work to get you started, however, if you still feel as though you are drowning in bills, it may be time to consult an advisor for assistance.
Smart Financing
When investing in a home on your own, it is always important to set smart financial goals. Being mindful of how much house you can and cannot afford ahead of time can save you money in the long run.
When beginning the house hunt, you should always look to get a mortgage pre-approval first. For this, lenders will consider your credit score, income, and assets to determine what loans you are eligible for. Simple processes like this typically take between 1-3 days and can set you up to remain within your budget as you search. From there, you can explore which loan option will be most suitable. For first-time homebuyers, you may be able to qualify for loans that require lower down payments, however, you should consult with your financial advisor to determine what amount would be the best option for you.
Dedicate Your Home To Yourself
Once you have completed the process of moving and are settled into a new home, take the time to make your home exactly how you want it. While home improvement and decorating may not have been things that you prioritized in the past, it can be quite helpful to do so now. Given that you have started a brand new life, you should prioritize your comfortability now more than ever. Throughout your marriage, you may have compromised on certain decisions and styles but now, you have free range to make it your own.
Many homeowners dedicate their time to creating their dream bedroom, building a backyard oasis, and remodeling their kitchens to accommodate their new stay-at-home lifestyles. These are all great projects to take on to bring your new space to life. With thorough planning, these home upgrades can be done within your budget as well. When tackling larger projects as a kitchen or bathroom remodel, you may want to explore home warranty options if you aren’t familiar with repairing and replacing appliances on your own. This is a great way to ensure that your large home systems are up to date, functional, and will create added value for your home if you ever decide to sell it. However, for smaller decor pieces you can always look to DIY and thrifting to save more on your space.
Moving after a divorce should be carefully planned and executed; however, it is a great way to attain a fresh start on your life. While your finances and investments are important, don’t forget to take a breather and take a step back from them for a while to enjoy yourself as a newly single man.
Pinstripe Magazine Staff
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