Woman figuring out how to start over with no money after a divorce is finalized.

How to Start Over After Divorce with No Money

After building your life with someone, a divorce can feel like starting from scratch. Few people emerge from the divorce process unscathed, and it’s not uncommon to be left with diminished financial resources. But there is hope.

With some planning, effort, and possible legal support, rebuilding your finances is possible. Here’s how to start over after divorce with no money in Texas.

Tips to Assess Your Financial Position After Divorce

I know it’s challenging to think through your financial situation once the dust has settled from a divorce. So, take a step-by-step approach to assess your situation. As a family law attorney, I can help you out if you are not receiving the financial support you need.

1. Start With the Basics

It can be overwhelming to take stock of all your assets, debts, and lost resources when emerging from a divorce with little to no income, but this is the first step toward financial recovery. By gauging your current financial situation, you’ll have a framework from which to develop a plan for the future.

Start by looking honestly at your current financial situation and determining what money you have access to. Sources of potential income could include:

  • Employment
  • Child support
  • Spousal support payments
  • Investments, savings accounts, or retirement plans
  • Any other source of income.

Next, list your expenses, such as rent or mortgage payments, utilities, insurance costs, groceries, and other necessities. Review old bank statements for recurring charges you may have forgotten about or do not need anymore.

Once you grasp your post-divorce financial picture, you can create a budget to ensure you stay within your means. Try building your budget around actionable goals and increasing your monthly savings. This step will give you the financial cushion to afford necessary expenses and help develop a secure foundation for your future.

2. Maximize Your Credit Score

Divorce can be tough on your credit score, especially if you and your former spouse had joint accounts. Close these accounts to protect yourself from additional damage to your credit score.

Also, review your credit report for any errors or discrepancies. If you find any incorrect information on the report, contact the three major reporting bureaus and ask them to investigate and correct it as soon as possible. You may also want to consider signing up for a free credit monitoring service that can alert you to any suspicious activity on your credit report.

From there, you can take steps to rebuild your credit score so you can access better loan terms when you need them in the future. Make sure you pay all bills on time and make regular payments toward any outstanding debt. If the minimum payments are too high, try to negotiate a lower payment with the lender.

Finally, consider opening a secured credit card or taking out a small loan from a community bank that specializes in helping people rebuild their credit. This effort will help you establish a positive payment history and demonstrate that you are a reliable borrower.

3. Consider Expanding Your Skills

No matter how much money you have, it is always beneficial to expand your skills as you rebuild your life post-divorce.

  • Consider signing up for a free community class to advance your skills.
  • Look for ways to start taking on freelance work.
  • Find ways to use your existing skillset to create multiple streams of income.

If you do not have the financial resources to further your education or start freelancing, look into grants and scholarships that may help cover the cost. You can also explore opportunities to volunteer or intern in a field you want to pursue. Taking action will help you gain experience and skills that will make you more attractive to potential employers in the future.

4. Explore Your Legal Options

Rebuilding your life after divorce does not need to be a solo pursuit. A family law attorney such as myself has experience handling complex divorce situations that affect assets. I am available to assess your legal rights and options after a divorce.

– For example, I can search for financial remedies in the terms of your divorce settlement agreement that may have been overlooked. Perhaps the court failed to order alimony (spousal support in Texas) when it should have, or you are entitled to a portion of your ex-spouse’s retirement savings.

– I can help you modify child support agreements or enforce an existing order if your ex-spouse fails to make payments on time. I can also determine whether your ex-spouse paid their fair share of legal fees during the divorce process and help you recoup any costs, such as attorney fees, that should have been shared.

– These legal remedies can help you achieve a more secure financial footing after a divorce, so it’s important to receive advice and guidance from a qualified divorce lawyer in Texas.

Here to Help You Start Over After Divorce with No Money

When you turn to my law office, you can expect aggressive advocacy, clear communication, and personalized service. Together we will work to ensure that your rights are protected and help you achieve the best possible financial outcome.

You don’t have to go at it alone wondering how to start over after divorce with no money. I serve clients across South Texas by fighting for their rights in divorce proceedings.

I currently help clients in Brazoria County, Fort Bend County, and Harris County. If you live in one of these counties, contact me today to get started. You can reach me at my offices at 281-944-5485 or 979-267-7660 to schedule a consultation. I look forward to supporting you.