For many, getting a divorce can be an incredibly freeing time. Regardless of whether or not you were anticipating the separation, returning to your life as a single adult is a new chapter to explore. However, one aspect of divorce that many overlook is anticipating future expenses. If you have not yet created a post-divorce budget, doing so is imperative. The following blog explores what you should take into consideration during this process and the importance of connecting with a Somerset County divorce attorney to assist you during these difficult times.
Why Do I Need a Post-Divorce Budget?
Whether your spouse handles all the bills and budgeting for your household or this task falls on your shoulders, ensuring you take financial preparation for your divorce seriously is critical. Unfortunately, you may find that failing to properly budget for life after your divorce can have serious implications, leaving you struggling financially.
When planning for life as a single adult, it’s imperative to understand that not only will you be taking on more expenses, as you are no longer splitting them, but you’ll also have new expenses to take into consideration. You’ll now be responsible solely for matters like rent or a mortgage, car insurance, and medical premiums. As such, doing what you can to adequately prepare is critical to ensuring you can live comfortably.
When budgeting, the first thing you’ll need to consider is your income. This includes your average monthly income from work, child support, alimony, and any other sources of money you have. Next, you’ll need to list all expenses you expect to incur on your own. This includes the following:
- Monthly rent or mortgage payments
- Utilities
- Auto, health, and homeowner’s/renter’s insurance
- Transportation costs (gasoline, car payments, monthly train passes, etc.)
- Groceries
- Child-related expenses (school supplies, tuition, childcare, extracurriculars, etc.)
- Memberships and subscriptions
What Should I Do if I Need Assistance?
Creating a post-divorce budget can be incredibly difficult, especially if you aren’t the primary person handling bills in your home. Additionally, if you aren’t sure what support you are owed from your spouse, it can make preparing a budget more difficult. As such, the best thing to do when you are getting a divorce is to connect with an experienced attorney. Not only can they assist you through the legal complexities of this process, but they can help ensure you receive the funds you need from your spouse.
One mistake many make when getting a divorce is rushing through the process because they want it to be over quickly. However, failing to adequately compile and calculate your current expenses can result in receiving less spousal or child support from your spouse than you are entitled to. However, when you obtain legal representation, they can assist you in the process of calculating and fighting for the support you are owed.
When you are going through a divorce, taking the time to connect with an experienced divorce attorney with the Siragusa Law Firm is critical to fighting for the best outcome. Regardless of whether or not you and your spouse are on good terms, ensuring you have the guidance of an experienced attorney is critical. They can help guide you through this legal process while assisting you in determining what you are owed. Contact our team today to learn how we can help you.
