Learning how to navigate life after a divorce can be a difficult process. Individuals may be concerned about how they will afford to support themselves post-divorce. It’s important for spouses to be financially responsible after their divorce and be prepared to meet their needs. At Virginia Family Law Center, P.C., we can help spouses prepare a divorce budget to ensure they feel comfortable transitioning after their divorce.
It can be difficult for individuals to adjust to living off one income instead of two after a divorce. A divorce budget is a way for individuals to ensure that they are supported financially post-divorce. Here are some ways that couples can help themselves financially after divorce proceedings:
A person’s financial obligations may change after divorce as they take on new responsibilities. For example, couples may have designated one income to go specifically towards groceries or utilities, but that will change as couples adjust to supporting themselves. Individuals will need to budget to be able to afford food and other larger expenses. They may find themselves with new payments, such as mortgages or car loans. For spouses who have never been responsible for these payments, it can seem overwhelming trying to adjust. It can be helpful to develop a spreadsheet that outlines the exact payments that an individual is responsible for, when these payments need to be made, and how much each payment will cost. This can help ensure that individuals are financially prepared for when a bill comes out and that they aren’t caught off guard by unexpected expenses.
After a person has determined what expenses they have, they should establish a way to have additional money in case of an emergency. For example, they should calculate their income and deduct the expenses that would need to be paid from their paycheck. The leftover money should be utilized in a financially smart way, such as putting it into a savings account for emergencies and unexpected expenses, such as home repair and medical emergencies.
Oftentimes, courts will require spouses to pay spousal support after divorce. Spousal support, also known as alimony, is financial payments made by spouses to ensure that each spouse has balanced finances. For example, if the court determines that one spouse will financially suffer as a result of the divorce, the other spouse may be required to pay a set amount of recurring payments in order to ensure the other spouse is taken care of. When determining a post-divorce budget, spouses required to pay spousal support should budget these funds and ensure they can make timely payments.
Creating and adjusting to a new budget can be overwhelming, especially if individuals realize they have no money left over in their accounts after paying for expenses. If individuals are struggling to create a budget plan or are worried about their finances, contacting a financial advisor can help. Financial advisors are skilled in offering financial advice and helping individuals budget their money. Consider speaking with a financial advisor if you need help with your divorce budget.
If you have questions about creating a divorce budget or want to speak with our team about financial obligations post-divorce, contact us today. We are more than happy to help with all of your legal needs.
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