Divorcees Prefer Silence When Facing Financial Problems

 Posted on April 20, 2019 in Divorce and Finances

People who have filed for divorce are less likely to talk to others about their personal finances, according to a recent CNBC survey. Amongst the survey respondents who were divorced, 56 percent said that they rarely speak with family members about their money. Only 27 percent of all the survey respondents gave the same answer. There is nothing wrong with financial discretion when talking to family members. However, divorcees put themselves at risk if they do not talk to anyone about their financial troubles.

Reason for Silence

People dislike sharing their financial concerns with friends and family because they may be embarrassed about their situation. Unfortunately, divorce causes financial trouble for some people because:

• They are primarily relying on their individual incomes to support themselves;
• They lost some of their marital properties as part of the divorce;
• They may have new expenses, including purchasing or renting their own homes; and
• They may be required to pay child support and spousal maintenance.

It takes humility to admit that you need help despite worrying whether people will think less of you because you are struggling to pay bills and control your debt. Even if you are not in financial danger, you may be embarrassed to show that you cannot afford the same lifestyle as when you were married.

Breaking Your Silence

Not discussing your finances becomes a problem when it leads to ignoring them or not seeking outside help. However, there is a difference between the people you talk to about your trouble and the people you ask for help. Family members are good at listening to your problems, providing emotional support, and helping you in small ways. Their financial knowledge is limited to their personal experiences, which may not apply to you. A financial advisor is a better source for coming up with solutions to your problem.

A support group for people with financial problems may help if you cannot find the courage to talk to family or financial professionals. There will be other people in the group who have gone through a similar experience and will listen to you without judging you. You can practice how you will broach the subject and receive helpful feedback.

Contact a Kane County Divorce Attorney

You should voice your concerns about your finances during your divorce, when you may be able to remedy the situation. A St. Charles, Illinois, divorce attorney at Goostree Law Group can help you determine what you need from your divorce to be financially stable afterward. Schedule a free consultation by calling 630-584-4800.

Source:

https://www.cnbc.com/2019/04/04/dont-let-money-woes-silence-you-after-a-divorce-take-these-steps-to-get-a-plan-in-place.html