It’s no secret that divorce is a major financial transaction. While you’ll want to get as much out of the divorce process as possible, you’ll have to come to terms with the fact that your financial resources will likely be more limited in your post-divorce life than they were during your marriage. Therefore, as you navigate the divorce process, it’s imperative to have a keen eye on what you can do to position yourself for financial stability post-divorce. One tool to assist you in preparing for the next stage of your life is a post-divorce budget.
Tips for creating a post-divorce budget
There are several benefits to a post-divorce budget. This includes giving you a greater sense of certainty moving into the next chapter of your life as well as providing yourself with evidence to show why you need a greater share of the marital estate or spousal support. Here are some tips for building an effective post-divorce budget:
- Be realistic about the amount of income that you’ll have.
- Track all expenses so that you have a firm understanding of where your money is going every month.
- Identify discretionary spending that can be cut, if needed.
- Consider whether there are ways to supplement your income.
- Think about whether you can reduce your living expenses, such as by moving into cheaper housing accommodations.
Remember, the purpose of your post-divorce budget is to give yourself some certainty and to find ways to secure stability once your marriage dissolution is finalized. So, be honest with yourself and get creative to secure the post-divorce life you want for yourself.
Don’t let your divorce derail your future
There’s little doubt that divorce will change the way you live. But you don’t have to let your divorce take control of your life. Instead, you can take control of your divorce so that you have a strong say in what the next phase of your life will look like. To learn more about how to do that, please continue to read our blog.