Break-up Net Worth
- Posted in Relationship Advice
- Comments 34
One of the most tangible losses when a couple separates can be financial stability.
If legal issues are not resolved amicably, debt can accrue quickly, with mounting adversarial bills.
The length of the relationship, marital status, and whether or not children are involved, are some of the factors determining how devastating the financial loss can be.
There is a very good article entitled “Breaking up without going broke”, written by Rebecca Field Jager, with valuable advice regarding how to negotiate these waters, which could assist with decision-making involving financial and legal matters.
The reality is that most partners in a longer-term relationship suffer financial loss as the result of a break-up.
It is important to recognize that net worth does not equal self-worth.
In our wealth-oriented society, it is little wonder that many individuals do equate their own worth with the size of their monetary assets.
Provided each partner can realize the need to alter expectations regarding solo as opposed to dual income, and single as opposed to shared living costs, each will adjust successfully.
Some tips to do this are as follows:
Avoid credit card use.
Get help budgeting.
Re-order priorities i.e. Housing cost, car, debt, shopping, dining out, travel and other expenses.
Another resource, 211 Toronto, for those living in the city, lists services which might be useful, especially when experiencing job and financial loss.
This current economic climate is poor for the viability of many careers, let alone for those involved in break-ups.
Being kind to oneself and the other partner will go a long way toward healing and eventual financial recovery for both individuals.
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