Divorce is never easy and can be both emotionally and financially draining. The money aspect of a separation or divorce can be overwhelming, especially if you’re not exactly sure how to get your life back on track. However, with some planning and determination, you can bounce back better than ever and start a new chapter in your life. Here are some tips from Mississauga Family Lawyer Malerie Rose of Rose Family Law to help you bounce back the right way:

1. Assess your money situation: It should be no surprise that the first step in getting your finances back on track is to take a hard look at where you currently stand. The easiest way is to make a list of your assets and liabilities, including bank accounts, investments, and debts. This will give you a clearer picture of your financial situation and help you make a plan for moving forward.
2. Create a budget: Now that you know where you stand financially, you need to create a budget for yourself. This is critical and will help you keep track of your spending and make sure that you are living within your means. Be sure to include all of your fixed expenses, such as rent or mortgage, utilities, and insurance, as well as your discretionary spending, such as entertainment and dining out. Be honest with yourself here.
3. Prioritize repaying all of your debts: If you, like most of us, have any outstanding debts, it is important to prioritize paying them off as quickly as possible. With rising interest rates, it’s easy to get tied up in paying vast amounts of interest without actually tackling the larger problem. The sooner you pay off your debts, the sooner you will be able to start building your savings and investing in your own future.
4. Build a rainy day / emergency fund: An emergency fund is an important part of your financial plan, especially after the financial strains of divorce. It will help you cover unexpected expenses and provide a safety net in case you lose your job or face unexpected money issues. Aim to build a rainy day fund that will cover 3 to 6 months of living expenses.
5. Focus on rebuilding your credit score: This one is absolutely crucial for some people. Your credit score can be affected by divorce, especially if you had joint accounts or debts. If you want to buy a new house in the future, buy a car or even rent an apartment, you are going to need to have a decent credit score. To rebuild your credit, make sure that you pay all of your bills on time and avoid taking on new debt. You can also consider getting a secured credit card or becoming an authorized user on someone else's credit card.
6. Invest in your own future: In order to move forward, it’s important to focus on your future and invest in yourself. Consider starting a savings plan for retirement, if you haven’t already or enrol yourself in a course or training program to improve your skills and increase your earning potential.
7. Seek support from friends and family: It goes without saying that divorce can be a lonely and overwhelming time for many, but it is important to remember that you don't have to go through it alone. Consider reaching out to your close friends, family members, or even a therapist or counsellor for support. You can also consider joining a support group for people going through divorce to connect with others who understand where you’re at.
8. Seek professional help with your finances: If you are struggling with money problems after divorce, think about getting the help of a financial advisor. They can help you create a budget, prioritize your debts, and develop a plan for your financial future. A strong financial foundation can also relieve the stress of money from your life.
9. Take good care of yourself! Finally, it is important to take care of yourself both physically and emotionally. Exercise, eat a healthy diet, and get lots of rest and sleep. This will help you feel better and be better equipped to handle the many challenges of divorce and the many stressful aspects that come with it.

Bouncing back financially after divorce takes time and effort, but it can be done, even for those in dire straits. By taking a realistic look at your financial circumstances, creating a solid budget that you can stick to, paying off your debts, building an emergency fund, rebuilding your credit, investing in your future, seeking support, and taking care of yourself, you can start a new chapter in your life and be on your way to financial stability and security.