Trying to sort through years, or even decades, worth of belongings can feel completely overwhelming. But it can also be a very cathartic process, to start clearing your surroundings of things that no longer serve a purpose in your life. Ella Hickman, of Hickman Family Lawyers in Perth, shares her top 9 tips for downsizing after divorce.
Unless you’re a multi-millionaire, just accept the fact that when you divorce, some lifestyle changes will probably need to be made. It can be a sad reality of divorce and is unavoidable. Doing a financial stocktake of your situation is the first step towards helping you understand what you can or can’t afford before you can begin planning your new post-divorce lifestyle.
Once you have a clear view of your finances, design a realistic budget to match your income, separating the needs from the wants and cutting out all unnecessary expenditure to ensure that you live within your means, at least until you’re back on your feet.
This will give you a clear indication of what adjustments you’ll need to make to your new lifestyle and help you decide whether or how far you need to downsize your house, your car, and everything else in your life from bulky furniture to the smallest teaspoon.
If you’re finding your home too costly to run and too big to maintain, consider selling and downsizing to a smaller property that meets your new lifestyle.
Cutting down or getting rid of debt is always a good starting point before making any big financial decisions, especially credit cards, which is often the most expensive debt one can have.
Try to avoid buying anything on credit for a while and divert any extra cash you have into clearing your debt as soon as possible. Clearing your debt will free up money to spend on other items, luxuries or fun stuff. It is also a major step towards downsizing your financial stress.
Before you begin your clear-out, go through your home room by room creating an inventory of everything you have.
When it comes to splitting your belongings with your ex, this will help you both know exactly what needs to be divided between you.
The next stage is to categorise everything into 3 separate groups:
1. Keep. Bearing in mind that your new living space may be smaller, keep only what you need, what is valuable and what you’re attached to or what brings back happy memories. Take your time on things you may be unsure about.
2. Sell. Things that you will have no further use for and have a monetary value, sell. This could include items such as furniture, ornaments, wedding rings, clothing, and items not used or you’d rather not keep. Be ruthless – selling items can also help boost you financially after your split.
3. Donate. Things that have no monetary value but may still be of use to someone, consider donating to your local op shop or charities supporting people setting up new homes.
When downsizing after divorce and sorting through what to keep, sell and donate, start with the big items – things like large pieces of furniture, TV’s and electronics. These can be the simplest things to decide on – it’s usually the smaller, sentimental items that can be harder to decide who gets to keep.
Smaller things may take longer to work through than larger goods when it comes to downsizing. You might want to hang onto every kitchen item you’ve accumulated over the last few years, but will you really have space for it all if you’re moving to a home with a smaller kitchen than the one you currently have?
Remember to be practical no matter what. Keep in mind the size of the home you’re moving to, and try to avoid setting up a new but heavily cluttered home.
Some items may have sentimental value to you, leaving you unsure of whether to keep them or not, or leading you to make rash, and potentially regrettable, decisions.
It may be best to store such items somewhere out of sight for a while and reassess a few months later, once you’re emotionally ready to make a decision you won’t regret.
If you’ve spent your life trying to keep up with the Jones, it’s time to put all that aside and face the financial realities of your situation.
Over-extending yourself purely to impress others should not be a priority. Aim to simplify your life by eliminating unnecessary expenses and financially preparing yourself for a fresh new start.
Downsizing doesn’t necessarily mean moving down in life. It can also mean lower bills, less cleaning and lower maintenance expenses, freeing up more time and money for you to spend on the things you really enjoy – big or small!
Going through a divorce, especially after decades of marriage, can be emotionally draining but at the same time, downsizing after divorce and decluttering your life can also be completely liberating, allowing you to start your new life with a fresh outlook, both in your home and on your life.