Once you have a budget, what else do you need to do to survive financially after a divorce?
First off, you might need to make modifications to your budget and/or lifestyle to meet your needs. If you need to pay spousal or child support, for instance, you’ll need to add those expenses as line items in your budget.
You’ll also need to plan for short-term costs, such as moving fees, legal expenses, and new furniture costs. Consider meeting with a professional financial planner as soon as possible.
Minimize how much time you spend in financial limbo. That may sound like a tall order. After all, right now, you have no clue how the divorce will play out. Maybe you and your ex will settle quickly and amicably. Or perhaps the debate over who gets what marital assets will last a long time and play out in a painful and expensive court battle:
• Will you get child or spousal support?
• Will you have to pay support?
• What impact will the split have on your insurance, mortgage and other costs?
• If you own property or a business with your spouse, how will the divorce impact those assets?
You cannot eliminate uncertainties, but you can control for them.
And dealing with the uncertainty is important, in and of itself! Research suggests that living or working in limbo can be unhealthy, stressful and anxiety provoking.
In light of that, consider getting help from an experienced divorce attorney, so you can resolve your legal situation rapidly, fairly, and ethically. Our team would be happy to provide a free, confidential consultation, so you can understand your rights and options.