If you are going through a divorce, it’s important to consider your financial security. How will you get by without financial support from your ex-spouse? How will you support yourself and your family? These are valid concerns for newly single individuals that make creating a post-divorce budget essential. It’s crucial to anticipate future expenses as you transition into the next chapter of your life. Unfortunately, many people overlook this critical aspect of divorce. Please continue reading as we explore how to budget for your post-divorce life and why connecting with our determined Middlesex County Divorce Lawyers is in your best interest.
Why Do I Need a Post-Divorce Budget?
Irrespective of which spouse traditionally managed household finances, it’s of the utmost importance that both parties take the financial implications of divorce seriously. The dissolution of a marriage often leads to a significant shift in income and expenses for both individuals. Failing to adequately prepare and budget for the financial realities of life after divorce can result in severe financial hardship. This includes, but is by no means limited to, accumulating debt, depleting savings, and facing a reduced standard of living.
Creating a post-divorce budget is crucial because divorce significantly alters your financial situation. When planning for life as a single adult, you need to consider new housing costs, a single income, and potential child support obligations. You must reevaluate your spending and saving habits to ensure your financial stability. Essentially, you need to adjust your budget to reflect your new reality.
When you begin formulating your budget, you should first consider your income shift. You are likely now relying solely on your income to support yourself and your family, which could be significantly lower than your combined marital income. As such, you should write a list of all the expenses you expect to incur on your own. This includes:
- Rent or mortgage
- Utilities
- Groceries
- Transportation
- Health insurance
- Child support payments (if applicable)
- Travel expenses (for child visitation)
- Child-related expenses (childcare, tuition, extracurricular activities, etc.)
- Any necessary personal expenses (clothing and entertainment)
- Any debts
What Should I Do if I Need Assistance?
If you are feeling overwhelmed about creating a post-divorce budget, remember that you don’t have to do it alone. Seeking professional guidance is crucial to organize your finances effectively. Consulting an experienced divorce attorney can help ensure that you receive the necessary financial support from your spouse.
One common mistake during a divorce is rushing the process. However, failing to accurately calculate your current expenses can lead to receiving less spousal or child support than you are entitled to. By obtaining legal representation, you will have assistance in calculating and securing the support you need. Your attorney can also ensure that you receive your fair share of marital assets.
If you are facing a divorce, having the right team of lawyers in your corner is vital. Contact Ardnt, Sutak & Miceli, LLC so we can guide you through each step of this complex process and onto a brighter future.
