How Do I Create A Post-Divorce Budget?
Creating a post-divorce budget is a necessity. Going from relying on two incomes to just your own can be a big change, and there are all of these expenses that can come with a divorce that need to be addressed. Our Morristown divorce attorneys can tell you more about what to expect and what kind of thought needs to go into your new budget.
What Should I Consider When Making My Post-Divorce Budget?
There are so many expenses to think about when you are striking out on your own and making a post-divorce budget. It’s important to consider costs like:
- Utility bills
- Groceries
- Anything that your children need
- Rent or mortgage expenses
You also need to think about any debts you’re carrying and what kind of chunk that could take out of the household budget every month. It’s also a good idea to make sure that you are putting some money aside to prepare for unexpected costs or those seasonal expenses that come along every once in a while, like higher heating bills in the winter or back-to-school shopping for the kids.
How Can I Plan for One-Time Expenses in My Post-Divorce Budget?
It’s also important to think about how many one-time expenses you’ll face after or during a divorce. Moving isn’t cheap. Neither is a down payment on a new home or the first payment for a rented apartment or house. You also probably have legal fees to consider. When you make your post-divorce budget, be sure that you are factoring in all of these costs and how they will be taken care of so that you don’t end up with any big shortfalls in the coming months.
What Can I Do To Make it Easier to Stick to a Budget?
If you find yourself struggling, you’re not alone. This is not an easy transition to make. You may be able to shore up your post-divorce budget by taking additional steps to save money. Reducing how often you eat out, canceling subscriptions for services you don’t use, and finding free entertainment options can help. Some also choose to live with a roommate or housemate for a bit while they get their financial bearings.
What Can I Do If My Spouse Won’t Make Agreed Payments to Me?
You should also factor in any alimony or child support payments you’ll be paid when you are making your budget. If your ex does not pay as agreed, you may have to take them to court to make sure that they stick to your agreement. We recommend talking to your ex about these payments first, but if they won’t cooperate with you there’s sometimes no other choice.
Schedule Your Consultation
If you are considering a divorce or you have been served with papers, don’t go through this process alone. When you work with Lazor Rantas, PC, we stand up for your interests and help you fight for a fair divorce agreement. Contact us and schedule a consultation today.
