For many, going through a divorce, whether it’s anticipated or shocking, can be incredibly difficult. Unfortunately, you’ll find that one mistake many make is failing to create a post-divorce budget. If you’re unsure why this is a critical step in the divorce process or what you should take into consideration, the following blog can help. You’ll also discover the importance of working with a Nassau County divorce lawyer to guide you through these difficult times.
Why Do I Need to Create a Post-Divorce Budget?
Unfortunately, because getting a divorce in and of itself can be so overwhelming, many are unable to think about the future as their main focus is on their current circumstances. However, failing to consider the future can impact you for years following your divorce. It’s an unfortunate reality that getting a divorce can drastically change your finances, so taking this into consideration and planning for the future before it happens is critical to easing the transition from married to single.
Creating a post-divorce budget is critical to ensuring you have a plan for life following your divorce. This can help provide financial stability by ensuring you are living within your means after your separation. As such, you should begin by calculating your income. This includes the wages earned from employment, any support payments you receive from your spouse, and any other forms of money you receive. Next, you’ll need to factor in expenses like rent or mortgage payments, utilities, groceries, insurance, and any other expenses you have, like memberships or subscriptions.
Can an Attorney Help Me With This Process?
If you are going through a divorce, taking the time to budget can be complicated. However, it’s imperative to ensure you are set up for success following this difficult process. As such, discussing your circumstances with an experienced divorce attorney can be incredibly beneficial. You’ll find that while you are gathering your monthly expenses and researching places to live following your divorce, your attorney can help handle the legal complexities of this process, like negotiating with your spouse’s attorney and ensuring all paperwork is completed correctly.
You’ll also find that your attorney can help fight to ensure you get the spousal and child support you deserve. When you provide your attorney with your financial information, they can calculate a fair amount of support to request. Without the assistance of your attorney, you may be willing to accept less support than you deserve as you may be unsure of the funds you’re entitled to.
Divorce can be an incredibly isolating experience, but you don’t have to go through this process alone. At Barrows Levy, PLLC, we understand how difficult these matters can be. That’s why our team is committed to helping you through your divorce so you can focus on the next chapter of your life. If you’re ready to file, contact us today to discuss your circumstances and learn how we can assist you.
