Going through a divorce is undoubtedly an intricate process, both emotionally and financially. While you may be worried about how your assets will be divided or whether or not you will be ordered to pay alimony, it’s imperative to understand that, unfortunately, a divorce does not only impact your current finances but also your future expenses. As such, taking the time to carefully create a post-divorce budget is one of the most important things you can do when filing for divorce. Keep reading to learn how Nassau County divorce lawyers can assist you during this complicated process.
Why Should I Create a Post-Divorce Budget on Long Island?
When you and your spouse married, you likely intertwined a portion, if not the majority of, your finances. From sharing a joint bank account and credit cards to paying mortgages and utilities, many of these payments are a joint effort. However, when you are no longer in a relationship and left to pay bills with your sole income, ensuring you can establish a life for yourself is critical.
As such, creating a budget to help you start the next chapter of your life following a divorce is critical. By having all of your current and expected expenses, you can set yourself up for financial success. Not only does this allow you to track your income and determine how much you can afford to spend on rent or a mortgage, but it can also help you determine what goals you wish to meet in the future.
Finally, creating a budget for life following a divorce is critical, as it can help you remain in control. When you go through a divorce, there are several variables, from who will receive what asset to how much alimony payments are. As such, having a budget is critical to feeling more secure and prepared for what the future will hold.
What Should I Include When Budgeting?
When budgeting, it’s imperative to take your time with this process. Though you may be eager to get your divorce done and over with as quickly as possible, failure to thoroughly plan can negatively impact your future finances. As such, you’ll want to first start with your income, including any alimony or child support you receive from your spouse, if you are the recipient.
Next, you’ll need to calculate your monthly expenses. It’s important to understand that you can’t just divide your current monthly expenses in half, as you will no longer be married. As such, the expense of living on your own will likely be higher. You’ll need to consider factors like rent, utilities, taxes, groceries, and health insurance. In addition, you’ll need to take any other expenses, like car payments, gym memberships, or other subscription-based services into account.
As you can see, creating a post-divorce budget can be incredibly difficult to navigate. That is why it is in your best interest to connect with an experienced attorney with the Sklavos Law Firm. We understand how overwhelming these matters can be, which is why our team is dedicated to helping you fight for the best possible outcome. Contact us today to learn how we can assist you.
