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The majority of couples who live together should budget for their monthly expenses such as mortgage payments and car payments. However, for smaller expenses such as eat-outs and gas, a lot of people do not have an accurate budget. When a couple decides to get a divorce, budgeting becomes different. During divorce, you will be aware of how much to provide for yourself and your kids. Thus, if you are planning to end your marriage in a divorce, you should establish a budget for both current and future monetary needs. You can get legal help from a financial expert or a divorce attorney regarding this matter.
Benefits of Working with a Lawyer When Budgeting for a Divorce
Even if your current financial picture is not clear, you should share details with your lawyer. Your attorney can give you information on the kinds of documents to collect, determine the current household expenses and standard of living of your family, identify all family costs that must be accounted for in your divorce, disclose inconsistencies associated with hidden assets, as well as calculate your living expenses following the divorce.
Benefits of Working with a Lawyer When Budgeting for a Divorce
What Documents and Records Do You Need When Budgeting for Your Divorce?
Although household budgets vary by family, some common kinds of information must be gathered when you create a budget for your divorce. This includes all income sources such as salary, disability benefits, veteran’s benefits, business income, rental property income, trust or annuity payments, child support payments, and huge gifts from family. Also, you must collect records of regular and expected family costs like utility bills, mortgage or rent payments, car payments and insurance, debt payments, health care costs, childcare expenses, personal care items, as well as food items. Discretionary expenses such as vacations, entertainment, and monthly subscriptions must also be gathered.
After your divorce, you must take into consideration new expenses and make tough decisions regarding your standard of living and priorities. Post-divorce expenses such as household costs, spousal and child support, as well as legal fees will significantly affect your financial future. For instance, after your divorce, you or your spouse may need to move out of the family home. If you are the one moving out, you must determine the average rental and utility costs in the area you plan to move into. If you are keeping the house, then, you should prepare to maintain a household with just your own income.
